Residential Real Estate News
Greater Orlando Area Home Sales Continue to Slide in October
According to new data from the Orlando Regional Realtor Association (ORRA), listings inventory for October 2024 totaled 11,357, marking a 1.8% decline from September's 11,560 listings. This drop ends a nine-month streak of increasing inventory. Despite the monthly decrease, October 2024 inventory remained 45.4% higher compared to October 2023.
The median home price increased to $388,990 in October, up from $380,000 the previous month.
ORRA reports Central Florida homes spent an average of 60 days on the market (DOM) in October 2024, slightly longer than September's 58 days.
Overall sales dropped by 7.3% month-over-month, with 2,085 homes sold in October compared to 2,249 in September. Pending sales saw a sharp decline of 20.7%, falling from 3,490 in September to 2,767 in October.
New listings also decreased, with a 7.6% drop from September's 3,530 to October's 3,260.
"We saw a break in the nine-month streak of rising inventory in October, as interest rates climbed back into the 6.0s," said Rose Kemp, President of the Orlando Regional Realtor Association. "Although inventory has shifted, the year-over-year increase still presents buyers with more opportunities. With the holiday season approaching, a market slowdown is typical, but it will be interesting to see how the remainder of the year unfolds. Additionally, the conclusion of the election period may also influence market dynamics moving forward."
