Team Donovan Blog

August inventory levels climbed again during the month with the total number of homes now listed for sale standing at 911 which was an increase of 4.6% from the 871 listings of last month. Year on year total inventory has climbed 86% from the 489 total listings recorded twelve months ago. The markets median price continued to rise with the  August price setting a new record of $341,311 which was a 27.4% increase from the one year ago price level of $267,937. Month on month the August median price represented a 1.6% increase from the $335,875 price of July.  Total sales during August of 363 were down 27.8% from the 464 closings recorded in the corresponding month last year.  A home selling during August achieved an average of 99.9% of the listed price which was up on the 98.9% level of a year ago. The average days on market that a home takes to close was some 33 days lower than a year ago at 60 days which was also 3 days below the 63 days of last month.  The current total pipeline of homes under offer/contract awaiting closure stood at 597 which was down 36.6% on the 816 total of a year ago. During the month 92 homes were withdrawn from the market having failed to sell which compares to 61 last August.  Overall inventory levels reveal another increase in home availability across the market with current levels suggesting a 2.5 month supply level at the August sales pace which is up on a 2.1 month supply in July and over double the 1 month supply back in Augusa

 

The July Orlando median home price of $380,900 represented a decrease of 1.6% compared to June which is the first time in six months that the markets median home price has fallen. Orlando area inventory was up 19.9% from June to July from 5,437 homes to 6,518. Inventory overall was 85% higher than during July 2021, when it then recorded 3,542 homes listed for sale.  July's increase marks the third straight month of double digit inventory increases and when comparing  May to July of this year to the same period last year, inventory has risen some 67.4% with an average of 2,121 more homes on the market this summer compared to last. Interest rates remained relatively flat at 5% in July compared to 5.4% in June.  The July rate was still 89.2% higher than July 2021 when interest rates stood at 2.8%. Overall sales were down 12.8%, with a total of 3,309 closings compared to the 3,793 sales in June. Overall sales were also down 20.9% compared to July last year. Homes spent an average of 21 days on the market, up slightly from June when the average was 20 days. New listings were down 11.6% from June to July, with 4,746 new homes listed on the market during July. Pending sales decreased 4.8% from last month to a revised total of 4,029. 18 distressed homes (bank-owned properties and short sales) accounted for 0.5% of the markets total closings during July representing a 21.7% decrease from June, when 23 distressed homes sold.  Orlando area inventory was some 19.9% higher month on month from 5,437 homes to 6,518. Inventory levels during July were up 85% from July 2021, when 3,542 homes were recorded. The overall supply of homes increased to a 1.9 month level at the months sales pace which is a 134% increase over July 2021, when the market indicated a .84 month level of supply. 

 

The Florida housing market reported higher median prices, a rise in new listings of existing single family homes and continued signs of easing supply constraints in July 2022 compared to a year ago, according to Florida Realtors®' latest housing data. However, inflation and higher mortgage rates continue to impact sales. Closed sales of single family homes statewide totaled 23,705, down 22.9% year on year, while existing condo and townhome sales of 9,341 were down 30.7% compared to July 2021, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. The statewide median sales price of an existing single family home was $412,303 in July, up 16.1% from the previous year. Last month single family home inventory increased to a 2.2 month level while existing condo and townhome properties stood at a 2.1 month supply. According to Freddie Mac, the interest rate for a 30 year fixed rate mortgage averaged 5.41% during the month, significantly higher than the 2.87% average during the same month a year earlier.

 

 

Existing home sales fell for the sixth straight month in July, according to the National Association of REALTORS® with all four major U.S. regions recording month on month and year on year sales declines. Total existing home sales of single family homes, townhomes, condominiums and co-ops, fell 5.9% from June to a seasonally adjusted annual rate of 4.81 million in July. Year on year, sales fell 20.2% (6.03 million in July 2021).  Total housing inventory at the end of July stood at 1,310,000 units, an increase of 4.8% from June and unchanged from the previous year. Unsold inventory sits at a 3.3 month supply at the current sales pace, up from 2.9 months in June and 2.6 months in July 2021. The median existing home price for all housing types $403,800, up 10.8% from the July 2021 level of $364,600, as prices increased in all regions. This marks 125 consecutive month of year on year increases which continues the longest running streak on record.  Properties typically remained on the market for 14 days, the same as in June and down from 17 days in July 2021. The 14 days on market are the lowest level since N.A.R began tracking this in May 2011. Eighty two percent of homes sold during the month were on the market for less than a month. First time buyers were responsible for 29% of all sales, down from 30%. Cash buyers accounted for 24% of total transactions, down from 25% in June, but up from 23% a year ago. Individual investors or second home buyers, who make up many cash sales, purchased 14% of all  homes during July, down from 16% in June and 15% in July 2021. Distressed sales of foreclosures and short sales represented approximately 1% of total sales during July, essentially unchanged from June 2022 and July 2021.  Single family home sales declined to a seasonally adjusted annual rate of 4.31 million during the month, down 5.5% from 4.56 million in June and down 19% from one year ago. The median existing single family home price was $410,600, up 10.6% from July 2021. Existing condominium and co-op sales recorded a seasonally adjusted annual rate of 500,000 units in July, down from 9.1% in June and down 29.6% from one year ago. The median existing condo price was $345,000 in July representing an annual increase of 9.9% year on year.