Orlando home sales experienced a small dip in June, tumbling 2% compared to June 2018 during the peak of homebuying season while the average June interest rate of 3.93% is lower than 4.15% in May and an earlier high of 4.34% in February. The median price is trending upwards again … Orlando’s median price rose 5% in June to $250,000.
Notable numbers include … Townhomes sales dropped 22% … which plunged the overall sales comparison by 2%. Single-family homes are up about half a percent over last year, and condo sales are up by more than 3%.
However – condo inventory is leading Orlando’s eight-month string of inventory increases. The number of condos available for purchase in June increased by 24%, to 1,135 units. Overall, single-family homes experienced 5% more availability than in June 2018, causing inventory to be up by 7%.
Orlando has 2.37 months of inventory supply – well below the 6 months “balanced market” figure. Lower price properties firmly favor sellers while higher price categories ($500,000+) favor buyers. $2 million to $5 million homebuyers currently have 26 months of inventory.