Central Florida Real Estate Recap of May 2023

Central Florida Real Estate Recap of May 2023

New Orlando Regional REALTOR® Association data shows rise in sales and median home price as summer selling season heats up

State of the Central Florida Real Estate Market May 2023

May 2023 Recap

State of the Market

Overall sales rose 13.9% from April to May. There were 3,150 sales in May, up from 2,766 sales in April.
Overall sales in May 2023 were 20.2% lower than May 2022 when there were 3,946 sales.
The median home price for May was recorded at $378,000, up from $370,000 in April. This is a $28,000 increase since January. Median home prices have increased every month this year.
Median home price in May 2023 was roughly the same as May 2022, when it was recorded at $379,950.
May’s interest rate was recorded at 6.6%, up from 6.4% in April.
Homes spent an average of 45 days on the market (DOM) in May, down from 52 days in April. This is 114.3% higher than May 2022 when homes spent an average of 21 days on the market.
New listings rose 7.4% from April to May, with 3,459 new homes on the market in May, compared to 3,220 in April.
Inventory stayed level – there were 5,148 homes in April and 5,149 homes in May.
Inventory in May 2023 (5,149) was 33.7% higher compared to May 2022, when it was recorded at only 3,851 homes.
“As we approach midway through the year, prices continue to rise and homes spend fewer days on the market,” said Lisa Hill, Orlando Regional REALTOR® Association President. “The market cooled near the end of last year, but we have been on an upward trajectory ever since. Many families prefer to save their moves for summer when the kids are out of school, so we will likely be in for a busy selling season these next few months.”

Market Snapshot

Interest rates increased from 6.4% in April to 6.6% in May. This is 25.4% higher than May 2022 when interest rates were 5.3%.
Pending sales fell, with 4,485 in April and 4,304 in May.
21 distressed homes (bank-owned properties and short sales) accounted for 0.7% of all home sales in May. That represents a 16.7% increase from April, when 18 distressed homes sold.

Mortgage Rates

Average Monthly mortgage rates

Inventory

Orlando area inventory stayed the same from April to May. Inventory in May 2023 was 33.7% higher than in May 2022.
The supply of homes decreased to 1.63 months in May, down from 1.86 months in April. A balanced market is six months of supply.
The number of new listings increased from April to May by 7.4% – from 3,220 homes to 3,459 homes.

Central Florida Real Estate Inventory May 2023