Market News

ORLANDO REAL ESTATE MARKET NEWS - June 2024 - Published - 1st July 2024

***Published on 1st July 2024***

June "journal"  from the Resort Area Market...

The trend of increasing overall Inventory levels continued in June, with the total standing at 3,468  listings, up from 2,959 in May and 26% higher than the 2,767 level recorded in January.   275 homes were withdrawn from the market in June,  55 higher than the 220 withdrawn in May.   Total sales during June were 401,  10.7% down from the 444 closings in the previous month.  A home selling during June closed at an average of 97.5%  of its listed price, which compares to 98.1 in May, whilst the average days that a home spent on the market was 72 during the month and compared to a 59-day average recorded over the past 12 months. June's median home price decreased marginally from $404,000  to $403,900 , whilst the average days that a home takes to close was up by days from May at 111 and up 4 days from the  107-day average in April.  The total current available listings, when reviewed against the pace of sales, suggest an 8.6-month inventory level at the current rate, which is a rise on last month's 6.6 months but still below the 9.8-month level recorded back in January.   


Inventory for May stood at 10,282 homes, up 9.7% from April when inventory was recorded at 9,376. This represents the fifth month in a row that inventory has risen, and the last time inventory was this high was back in September 2016.  Inventory was 99.7% higher than May 2023.  Overall sales were up 5.4% from April to May with 2,909 closings in May, up from 2,759 sales in April and was the fourth month in a row that sales have risen.  The median home price was $385,000, down from $388,500 in April, with April being the highest monthly median home price in the Orlando area.  May's interest rate stood at 6.6%, which was down from 6.9% in April.  Pending sales fell 1.8%, with 4,379 in April and 4,298 in May.  New listings rose 6.9% from April to May, with 4,521 new homes entering the market during the month, compared to 4,230 in April.   Homes spent an average of 54 days on the market, which was unchanged from April.  The supply of homes rose to 3.5 months, up 4.0% from 3.4 months in April.  


Florida's housing market theme for May was more new listings, increased inventory and higher median home prices compared to a year ago, according to Florida Realtors®' latest housing data. Last month, closed sales of existing single-family homes statewide totaled 26,252, down 0.5%  year on year, while existing condo and townhome sales totaled 10,415, a drop of 8.6% compared to May 2023.  New listings of single-family homes increased by 15.2%, the lowest year-on-year increase reported this year. The statewide median sales price for an existing single-family home stood at $426,581, up 1.6% over May 2023, according to data from the Florida Realtors Research Department in partnership with local Realtor boards/associations.   Last month's statewide median price for condo and townhome units was $330,000, up 1.5% from a year ago.   On the supply side, the inventory of active listings rose year on year, with existing single-family homes at a 4.4-month supply level in May, while condo and townhouse inventory offered a 7.2-month supply.  


Nationally existing single-family home sales declined to a seasonally adjusted annual rate of 3.71 million in May, down 0.8% from 3.74 million in April and  2.1% from the prior year. The median single-family home price was $424,500, up 5.7% from May 2023.  At a seasonally adjusted annual rate of 400,000 units, existing condominium and co-op sales were unchanged from last month but down 9.1% from one year ago at 440,000 units. The median existing condo price was $371,300 in May, up 5.1% from the previous year's level of $353,300. Existing single-family home sales fell slightly during the month as the median sales price climbed to a record high, according to the National Association of Realtors®.   Total existing-home sales of all styles retreated 0.7% from April to a seasonally adjusted annual rate of 4.11 million in May. Year on year, sales were down  2.8% from 4.23 million in May 2023.  The total housing inventory registered at the end of May was 1.28 million units, up 6.7% from April and 8.5% from the one-year-ago figure of 1.08 million.  The median existing-home price for all housing types in May was $419,300, the highest price ever recorded and an increase of 5.8% from a year ago. First-time buyers were responsible for 31% of all sales in May, down from 33% in April but up from 28% in May 2023.  All-cash transactions accounted for 28% of sales, unchanged from April but up  25% a year ago.  Individual investors or second-home buyers, who make up many cash sales, purchased 16% of homes in May, identical to April and up from 15% in May 2023.  Distressed sales of foreclosures and short sales represented 2% of all closings, unchanged from both last month and the previous year.  Unsold inventory now sits at a 3.7-month supply at the current sales pace, up from 3.5 months in April and 3.1 months in May 2023.

According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.87% as of June 20. That's down from 6.95% the prior week but up from 6.67% one year ago.   

Closing Numbers ...June 28th 2024…

 1 G.B.P…Buys  1.264 U.S.D                   -              1 U.S.D…Buys  0.790  G.B.P

1 EURO...Buys  1.070 U.S.D                   -              1 U.S.D…Buys  0.934  EURO

1 CAN $…Buys 0.730 U.S.D                   -              1 U.S.D…Buys  1.369  CAN $


U.S Federal Prime Interest Rate = 8.5%

Team Donovan publishes this updated market news on the 1st of each month to benefit Orlando Resort Area property owners. Our community reports are published on the 15th of each month. If you are considering selling your property, don't hesitate to contact us; we would be delighted to discuss the process in more detail.