Orlando area inventoryВ increased by 7.7% from March 2022 to April 2022 fromВ 2,478 homes to 2,670 homes.В InventoryВ in April 2022 was 1% higher than in April 2021.23В distressed homes (bank-owned properties and short sales) accounted forВ 0.6% of all home sales in AprilВ 2022.В That represents a 14.8% decrease over March 2022, whenВ 27 distressed homes sold.Pending sales increased by 1.7% from March 2022 to April 2022 for a total of 5,041 pending sales.Interest ratesВ continue to increase as the average interest rate for April 2022 was recorded at 4.9% compared to March 2022 when it was at 4.2%.However, overall demand remains strong, and homes continue to sell quickly.вЂќ вЂњWith interest rates rising it will be more challenging for some buyers, as their monthly house payments will be higher as well. вЂњAs interest rates continue to rise, this indicates that the Orlando market might be starting to cool off,вЂќ says Tansey Soderstrom, Orlando Regional REALTOR В® Association President.New listings decreased by 0.5% from March 2022 to April 2022, with a total of 4,354 new homes on the market in April.Inventory increased in April by 7.7% from March 2022 for a total of 2,670 homes on the market in April.Homes spent an average of 24 days on the market in April, down 11.1% from March 2022 when the average was 27.This is a 7% decrease compared to April 2021 when overall sales were recorded at 4,081.

Overall sales in April decreased by 7.3%, with a total of 3,800 sales compared to 4,100 sales in March 2022.This is a 66% increase compared to April 2021 when interest rates were at 3%. Interest rates increased by 17.6% from 4.2% in March 2022 to 4.9% in April 2022.AprilвЂ™s median home price was recorded at $370,000, an increase of 2.5% compared to $361,000 in March 2022 this sets a new record high for the third month in a row.Orlando Regional REALTOR В® AssociationвЂ™s April data shows interest rates reach their highest levels in more than 10 years, indicating the market could be cooling off as overall monthly sales drop for the second time this year Orlando Area Residential Real Estate Snapshot for April 2022 Housing Market Narrative Orlando Housing Market Activity

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