ORLANDO, Fla. – The inventory of homes up for sale in the Metro Orlando area rose again in May, and the median home price dropped slightly, according to the Orlando Regional REALTOR Association.
But the housing market remains active.
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The latest real estate report showed the number of homes for sale in the area increased to 10,282, up 9.7% from April. The report says the last time inventory was this high was in September 2016. It’s also the fifth month in a row that home inventory has risen.
Still, ORRA says a balanced market has a six-month supply of homes in inventory. Orlando has a 3.53-month supply of homes — still higher than what it was in April, but not enough to indicate a market that has cooled down.
The median home price in May was $385,000, down from $388,500 in April.
The report also said new listings rose in May, with 4,521 homes entering the market that month, compared to 4,230 in April.
“Although May’s inventory did show a slight increase, it’s important to remember that our market is still very active. While there may be a few more options available compared to recent months, the high sales volume means homes are still moving quickly,” said Rose Kemp, Orlando Regional REALTOR® Association President, in a news release. “With inventory levels remaining below the six months of supply that is considered a balanced market, buyers should be prepared to act fast if they find a home that meets their needs.”
To read the full report, head to the Orlando Regional Realtor Association website.
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