Orlando Real Estate Market Recap for July 2020
Orlando’s housing market in July saw a surge in buyer activity that tipped home sales back into the black after three months of precipitous year-over-year declines caused by the COVID-19 pandemic, reports the Orlando Regional REALTOR® Association. The median price of homes sold in Orlando continued on its upward path, while inventory fell to its lowest level this year.
“The steep pause in closing activity during April, May, and June created a transaction surge in July that was actually 1% greater than in July of last year,” explains ORRA President Reese Stewart, who also notes low interest rates as a factor that is driving buyers. “Orlando REALTORS® across the board are reporting a level of buyer demand that continues to far exceed the supply of available properties. We can easily attribute any future depression in sales to an accelerating lack of inventory.”
MEDIAN HOME PRICE
The Median Home Price in Orlando in July 2020 is up 9.2% above this time last year (July 2019).
The Orlando housing affordability index for July was 137.74%, down from 139.10% last month. (An affordability index of 99% means that buyers earning the state-reported median income are 1% short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.)
AVERAGE INTEREST RATE PAID BY HOMEBUYERS
The average interest rate paid by Orlando homebuyers in July was 2.97%, down from 3.04% the month prior.
HOMES SOLD LAST MONTH
3,679 Homes Sold in Orlando in July 2020
Homes that closed in July took an average of 54 days to move from listing to pending and an average of 39 days between pending and closing, for an average total of 93 days from listing to closing (up from a total of 87 days the month prior).
HOMES AVAILABLE TO BUY
The overall inventory of homes that were available for purchase in July (6,220) represents a decrease of 18.6% when compared to June 2019, and a 9.7% decrease compared to last month (June 2020). There were 26.8% fewer single-family homes; 6.3% more condos; and 19% more duplexes/townhomes/villas, year over year.
This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the Stellar Multiple Listing Service. Neither the association nor StellarMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or by StellarMLS does not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.
ORRA REALTOR® sales represent sales involving Orlando Regional REALTOR® Association members, who are primarily – but not exclusively – located in Orange and Seminole counties. Note that statistics released each month March be revised in the future as new data is received.