Orlando Housing Market Activity
Orlando Area Residential Real Estate Snapshot for August 2023
New Orlando Regional REALTOR® Association data shows market continues to cool as fall season approaches
State of the Market
- Inventory for August was recorded at 6,115, up 6.9% from July when inventory was recorded at 5,720.
- New listings rose 6.1% from July to August, with 3,620 new homes on the market in August, compared to 3,413 in July.
- The median home price for August was recorded at $375,000, down from $380,000 in July. This is the second month in a row that median home price has fallen.
- Median home price in August 2023 was extremely close to August 2022, when it was recorded at $377,750.
- Overall sales fell slightly – 2.1% – from July to August. There were 2,792 sales in August, down from 2,852 sales in July. Sales in August 2023 were also 16.0% lower than August 2022, when there were 3,324 sales.
- Homes spent an average of 41 days on the market (DOM) in August, up from 39 days in July. This is 51.9% higher than August 2022 when homes spent an average of just 27 days on the market.
- August’s interest rate was recorded at 6.6%, down from 6.8% in July. Interest rates in August 2022 were 5.3%.
- In a July survey of ORRA members, 48% said they are seeing signs of the market cooling off.
- “As we near the fall season, we typically see a slowdown in sales, and we are beginning to witness this in the Central Florida market,” said Lisa Hill, Orlando Regional REALTOR® Association President. “Fall can have its benefits for buyers. With our market cooling off, fall homebuyers will face less competition, find more inventory, and see median home price pull back a bit.”
Market Snapshot
- Interest rates decreased from 6.8% in July to 6.6% in August. This is 24.5% higher than August 2022 when interest rates were 5.3%.
- Pending sales fell 4.2%, with 3,808 in July and 3,647 in August.
- 21 distressed homes (bank-owned properties and short sales) accounted for 0.8% of all home sales in August. That represents a 16.0% decrease from July, when 25 distressed homes sold.
Inventory
- Orlando area inventory increased 6.9% from July to August. Inventory in July was 5,720 and inventory in August was 6,115.
- The supply of homes increased to 2.19 months in August, up 9.2% from 2.01 months in July. A balanced market is six months of supply.
- The number of new listings increased from July to August by 6.1% – from 3,413 homes to 3,620 homes.
Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA.
NEWS SOURCE:- ORLANDOREALTORS.COM