Residential Real Estate News
Great Orlando Residential Sales Dive 18 Percent in November
Orlando area home prices also dip in November
According to new data from the Orlando Regional Realtor Association, greater Orlando area home sales fell 17.8% from October to November 2023. There were 1,996 sales in November, down from 2,429 sales in October 2023. This is the sixth month in a row that home sales have fallen.
Inventory for November was recorded at 8,202, up 5.0% from October when inventory was recorded at 7,813. This is the eighth month in a row inventory has risen.
November's interest rate was recorded at 7.3%, down from 7.8% in October, when rates reached their highest level in more than 22 years.
ORRA says the median home price for November was recorded at $375,000, down slightly from $377,000 in October.
Homes spent an average of 46 days on the market (DOM) in November, up from 44 days in October.
ORRA also reports new listings fell 7.8% from October to November, with 3,188 new homes on the market in November, compared to 3,456 in October.
"A balanced market is a six-month supply of homes. In November, for the first time since January 2019, we have more than four months of supply," said Lisa Hill, Orlando Regional Realtor Association President. "With an increase in inventory and with interest rates showing signs of coming down, we have conditions for a strong, healthy market heading into 2024."
