Residential Real Estate News
Greater Orlando Area Home Sales Down 16 Percent Annually in August
According to the Orlando Regional Realtor Association, Central Florida housing inventory for August 2023 was recorded at 6,115, up 6.9% from July when inventory was recorded at 5,720.
ORRA says new listings rose 6.1% from July to August 2023, 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.
ORRA further reports the median home price in Orlando in August 2023 was extremely close to August 2022, when it was recorded at $377,750.
Overall sales fell slightly month-over-month 2.1% - from July to August 2023. 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, says ORRA.
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."
