New Orlando Regional REALTOR® Association data shows August’s interest rate was recorded at 6.1%, down from 6.6% in July. This is the lowest interest rates have been since August 2022.

State of the Market

• “Interest rates have dropped to their lowest level since August 2022, providing much-needed relief for buyers,” said Rose Kemp, President of the Orlando Regional REALTOR® Association. “This decrease can significantly reduce monthly mortgage payments by hundreds of dollars. Additionally, buyers have more leverage and options, with homes staying on the market longer and inventory increasing. Now is the perfect time to explore the market, find your dream home, and secure a favorable rate.”
• The median home price for August was recorded at $384,500, down from $390,000 in July.
• Overall sales held steady from July to August. There were 2,655 sales in August, compared to 2,652 sales in July.
• Inventory for August was recorded at 11,511, up 3.2% from July when inventory was recorded at 11,158. This is the eighth month in a row inventory has risen. The last time inventory was this high was September 2015. Inventory in August 2024 was 88.2% higher than in August 2023.
• August’s interest rate was recorded at 6.1%, down from 6.6% in July. This is the lowest interest rates have been since August 2022.
• 11 distressed homes (bank-owned properties and short sales) accounted for 0.4% of all home sales in August. This is a 56.0% decrease
  from July, when 25 distressed homes sold.
• New listings fell 5.2% from July to August, with 3,856 new homes on the market in August, compared to 4,067 in July.

You can find ORRA’s full State of the Market Report for August here.

This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the Stellar Multiple Listing Service. Neither the association nor StellarMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or by StellarMLS does not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.

ORRA REALTOR® sales represent sales involving Orlando Regional REALTOR® Association members, who are primarily – but not exclusively – located in Orange and Seminole counties. Note that statistics released each month may be revised in the future as new data is received.

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.

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