Yes, they mean completely different things. Realty is an American English word for property. It has nothing to do with the word 'reality'.
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Grammar GeekAnd they are said quite differently as well. American isIt's also very often mispronounced: reelutee. I even know "reelutors" who mispronounce their own title.
Realty: reel-tee or in some areas, REE-uhl-tee
Reality: ree-AL-i-tee (AL rhymes with pal, i as in bit)