Despite high interest rates, home prices in Central Florida in June increased from May, according to a report released Monday.

The median home price last month was $385,000, up from $378,000 in May, and approaching last June’s $387,000, according to the Orlando Regional Realtor Association, which looks at sales from Orange, Osceola, Seminole and Lake counties.

The association also said interest rates increased from 6.6% in May to 6.7% in June. Last June, rates were 5.5%.

One Central Florida agent said the cost of borrowing has limited some potential homebuyers.

“June is defined by interest rates,” said Jeremy Wood, a real estate agent with Keller Williams Heritage Realty in Altamonte Springs, in a phone interview with the Orlando Sentinel. “A lot of people were priced out of the market and continue to be so.”

Wood, who said his bread and butter has been first-time homebuyers, said there are available houses that are affordable, but they might be in need of cosmetic work.

“The fact that there are very low options means that sellers can still price their property high and people will still buy it because they need to,” Wood said, noting Orlando’s influx of new residents. “There’s not enough competition to beat prices down.”

Sales dipped slightly from 3,150 in May to 3,124 in June, the report said.

“Summer is typically quite slow for [real estate agents],” Wood said.

There were 3,703 new homes on the market last month, up 7.1% from 3,459 in May.

Homes also spent less time on the market in June than in May, lasting 41 days on average in June and 45 in May. In June 2022, that average was at 20 days.

“Now that we’re officially halfway through the year, Orlando’s housing market remains strong,” said Lisa Hill, Orlando Regional Realtor Association president, in a news release. “June’s housing data is a strong indication of what the rest of the year will look like – we can expect to continue to see more inventory and great prices for homes, which is good news for buyers and sellers.”