Residential Real Estate News
Greater Orlando Area Home Sales Dive 15 Percent in September
According to new data from the Orlando Regional Realtor Association, Central Florida's housing inventory for September 2024 reached 11,560, marking a 0.4% increase from August's figure of 11,511. This marks the ninth consecutive month of rising inventory, with levels not seen this high since September 2015. Compared to September 2023, the inventory was up by 71.1%.
Interest rates in September 2024 dropped to 5.9%, down from 6.1% in August 2024, making it the lowest rate since August 2022. Homes stayed on the market for an average of 58 days in September, slightly longer than the 57 days in August. This is a 41.5% jump compared to the average of 41 days on the market in September 2023.
The median home price in September was $380,000, a slight decrease from $384,500 in August 2024.
Overall sales also saw a decline of 15.3%, falling from 2,655 sales in August to 2,249 in September 2024. Pending sales dropped by 1.9%, with 3,490 in September compared to 3,556 in August. Additionally, new listings decreased by 8.5%, with 3,530 new homes on the market in September, down from 3,856 in August.
Rose Kemp, President of the Orlando Regional Realtor Association, commented on the shift in the market, stating, "Lower interest rates and rising inventory levels are creating a more balanced Orlando housing market as we move into Q4. With the Federal Reserve's recent rate cuts and an increase in available homes, many buyers who have been waiting on the sidelines are now finding opportunities to achieve the American dream of homeownership."
