April 2023

by David Dell'Olio

APRIL 2023

The Orlando Regional REALTOR® Association President, Lisa Hill, states that the April data shows a slight rise in inventory in Orlando as home sales slow down, reflecting that the spring selling period may be balancing out. Keep in mind, though, that median home prices are still increasing as sellers remain positioned to receive competitive offers. Fortunately for buyers, interest rates have decreased somewhat and they now have more buying power.

The median home price at $370k in April but has climbed steadily through this year. As compared to last April, overall sales were down 27.2% with 2,766 recorded in April 2023 versus 3,800 sales in April 2022.

The inventory of homes rose 1.9%, from 5,052 in March to 5,148 in April. This is 92.8% higher than April 2022, when the figure was only 2,670. Interest rates decreased from 6.7% to 6.4%. This is 29.7% higher than April 2022 when interest rates were just 4.9%.

Distressed homes accounted for 0.7% of sales in April; this represents a decrease of 35.7% from March when 28 distressed homes sold and new listings decreased by 6.4%, from 3,442 in March to 3,220 in April