The past four months have seen consistent sales growth, and I expect that trend to continue into the summer, making inventory a key factor for buyers.” The median home price for May was recorded at $385,000, down from $388,500 in April.
April was the highest monthly median home price on record in the Orlando area. Overall sales rose 5.4% from April to May. There were 2,909 sales in May, up from 2,759 sales in April. This is the fourth month in a row that sales have risen.
Inventory for May was recorded at 10,282, up 9.7% from April when inventory was recorded at 9,376. This is the fifth month in a row inventory has risen. The last time inventory was this high was September 2016. o
Inventory was 99.7% higher than May 2023. May’s interest rate was recorded at 6.6%, down from 6.9% in April. 17 distressed homes (bank-owned properties and short sales) accounted for 0.6% of all home sales in May. That represents a 34.6% decrease from April when 26 distressed homes sold. New listings rose 6.9% from April to May, with 4,521 new homes on the market in May, compared to 4,230 in April.
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