New Orlando Regional REALTOR® Association data shows inventory surpasses 10,000 homes for first time since 2016.

State of the Market

• Inventory for May was recorded at 10,282, up 9.7% from April when inventory was recorded at 9,376. This is the fifth month in a row inventory has risen. The last time inventory was this high was September 2016.
  • Inventory was 99.7% higher than May 2023.
• Overall sales rose 5.4% from April to May. There were 2,909 sales in May, up from 2,759 sales in April. This is the fourth month in a row that sales have risen.
• The median home price for May was recorded at $385,000, down from $388,500 in April. April was the highest monthly median home price on record in the Orlando area.
• May’s interest rate was recorded at 6.6%, down from 6.9% in April.
• Pending sales fell by 1.8%, with 4,379 in April and 4,298 in May.
• New listings rose 6.9% from April to May, with 4,521 new homes on the market in May, compared to 4,230 in April.
• Homes spent an average of 54 days on the market (DOM) in May – the same as in April.
• “Although May’s inventory did show a slight increase, it’s important to remember that our market is still very active. While there may be a few more options available compared to recent months, the high sales volume means homes are still moving quickly,” said Rose Kemp, Orlando Regional REALTOR® Association President. “With inventory levels remaining below the six months of supply that is considered a balanced market, buyers should be prepared to act fast if they find a home that meets their needs. The past four months have seen consistent sales growth, and I expect that trend to continue into the summer, making inventory a key factor for buyers.”

Market Snapshot

• Interest rates fell from 6.9% in April to 6.6% in May.
• Pending sales fell 1.8%, with 4,379 in April and 4,298 in May.
• 17 distressed homes (bank-owned properties and short sales) accounted for 0.6% of all home sales in May. That represents a 34.6% decrease from April when 26 distressed homes sold.

Inventory

• Orlando area inventory increased 9.7% from April to May. Inventory in April was 9,376, and inventory in May was 10,282.
• The supply of homes rose to 3.53 months in May, up 4.0% from 3.40 months in April. A balanced market is six months of supply.
• The number of new listings increased from April to May by 6.9% – from 4,230 homes to 4,521 homes.

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

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

New Orlando Regional REALTOR® Association data shows record-high median home price in Central Florida.

State of the Market

• The median home price for April was recorded at $388,500, up from $386,500 in March. This is the highest monthly median home price on record in the Orlando area.
• Overall sales rose 7.8% from March to April. There were 2,759 sales in April, up from 2,559 sales in March. This is the third month in a row that sales have risen.
• April’s interest rate was recorded at 6.9%, up slightly from 6.7% in March. This is the third month in a row that interest rates have risen.
• Inventory for April was recorded at 9,376, up 4.5% from March when inventory was recorded at 8,971. This is the fourth month in a row inventory has risen.
• Pending sales increased by 2.9%, with 4,257 in March and 4,379 in April.
• New listings rose 2.6% from March to April, with 4,230 new homes on the market in April, compared to 4,124 in March.
• Homes spent an average of 54 days on the market (DOM) in April – down from 58 in March.
• “April’s median home price was recorded at $388,500,” said Rose Kemp, Orlando Regional REALTOR® Association President. ” We saw an increase in homes for sale, providing a wider selection for potential buyers. Despite the supply remaining slightly over three months, homes are selling quickly, indicating a strong demand. This demand is a positive indicator of market stability and is expected to continue through the next few months as families look to relocate during the summer season.”

Market Snapshot

• Interest rates rose from 6.7% in March to 6.9% in April.
• Pending sales rose 2.9%, with 4,257 in March and 4,379 in April.
• 26 distressed homes (bank-owned properties and short sales) accounted for 0.9% of all home sales in April. That represents a 13.0% increase from March when 23 distressed homes sold.

Inventory

• Orlando area inventory increased 4.5% from March to April. Inventory in March was 8,971, and inventory in April was 9,376.
• The supply of homes fell to 3.40 months in April, down 3.1% from 3.51 months in March. A balanced market is six months of supply.
• The number of new listings increased from March to April by 2.6% – from 4,124 homes to 4,230 homes.

ORRA’s full State of the Market Report for April can be found 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.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

New Orlando Regional REALTOR® Association data shows spike in listings kicking off the new year

State of the Market

• Overall sales rose 17.7% from February to March. There were 2,559 sales in March, up from 2,174 sales in February.
• The median home price for March was recorded at $386,500, up from $377,000 in February. The highest monthly median home price on record in the Orlando area was $387,000 in June 2022.
• Pending sales increased by 9.4%, with 3,891 in February and 4,257 in March.
• New listings rose 8.6% from February to March, with 4,124 new homes on the market in March, compared to 3,799 in February.
• Inventory for March was recorded at 8,971, up 4.4% from February when inventory was recorded at 8,589.
• March’s interest rate was recorded at 6.7%, up slightly from 6.6% in February.
• Homes spent an average of 58 days on the market (DOM) in March – up slightly from February.
• “The busy spring season for the real estate market is in full swing,” said Rose Kemp, Orlando Regional REALTOR® Association President. “We’ve seen a steady increase in sales, median home price and inventory every month this year. Our median home price in March was very close to our peak from June 2022, so it will be interesting to see how these high prices affect the market in the coming months.”

Market Snapshot

• Interest rates rose from 6.6% in February to 6.7% in March.
• Pending sales rose 9.4%, with 3,891 in February and 4,257 in March.
• 23 distressed homes (bank-owned properties and short sales) accounted for 0.9% of all home sales in March. That represents an 8.0% decrease from February when 25 distressed homes sold.

Inventory

• Orlando area inventory increased 4.4% from February to March. Inventory in February was 8,589, and inventory in March was 8,971.
• The supply of homes fell to 3.51 months in March, down 11.3% from 3.95 months in February. A balanced market is six months of supply.
• The number of new listings increased from February to March by 8.6% – from 3,799 homes to 4,124 homes.

ORRA’s full State of the Market Report for March can be found 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.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

New Orlando Regional REALTOR® Association data shows spike in listings kicking off the new year

State of the Market

• Overall sales rose 26.5% from January to February. There were 2,174 sales in February, up from 1,719 sales in January. This comes after eight months of falling sales.
• The median home price for February was recorded at $377,000, up from $360,000 in January. This comes after three months of falling median home price.
• Pending sales increased by 17.8%, with 3,303 in January and 3,891 in February.
• New listings rose 7.8% from January to February, with 3,799 new homes on the market in February, compared to 3,524 in January.
• Inventory for February was recorded at 8,589, up 4.5% from January when inventory was recorded at 8,217.
• February’s interest rate was recorded at 6.6%, up slightly from 6.5% in January.
• Homes spent an average of 57 days on the market (DOM) in February – the same as in January.
• “Super Bowl weekend is considered the unofficial kick-off to the spring homebuying season, and we definitely saw an uptick in the market this month,” said Rose Kemp, Orlando Regional REALTOR® Association President. “We had a lot of pending sales in January that finalized in February, causing home sales to jump as we approach this busy time for the market. Inventory and pending sales both increased from January to February, meaning we can expect to see another active sales month in March now that buyers have more options.”

Market Snapshot

• Interest rates rose from 6.5% in January to 6.6% in February.
• Pending sales rose 17.8%, with 3,303 in January and 3,891 in February.
• 25 distressed homes (bank-owned properties and short sales) accounted for 1.1% of all home sales in February. That represents a 13.6% increase from January when 22 distressed homes sold.

Inventory

• Orlando area inventory increased 4.5% from January to February. Inventory in January was 8,217, and inventory in February was 8,589.
• The supply of homes fell to 3.95 months in February, down 17.3% from 4.78 months in January. A balanced market is six months of supply.
• The number of new listings increased from January to February by 7.8% – from 3,524 homes to 3,799 homes.

ORRA’s full State of the Market Report for February can be found 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.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

New Orlando Regional REALTOR® Association data shows spike in listings kicking off the new year

State of the Market

• New listings rose 46.3% from December to January, with 3,524 new homes on the market in January, compared to 2,409 in December.
• Inventory for January was recorded at 8,217, up 4.8% from December when inventory was recorded at 7,838.
• The median home price for January was recorded at $360,000, down from $367,250 in December. This is the third month in a row that median price fell. Median price has dropped $17,000 since October 2023.
• January’s interest rate was recorded at 6.5%, down slightly from 6.6% in December. This is the third month in a row that rates have fallen.
• Overall sales fell 13.3% from December to January. There were 1,719 sales in January, down from 1,982 sales in December. This is the eighth month in a row that home sales have fallen.
• Pending sales increased by 32.4%, with 2,495 in December and 3,303 in January.
• Homes spent an average of 57 days on the market (DOM) in January, up from 49 days in December.
• “We closed out 2023 with the healthiest market we’ve had in years, and this made both buyers and sellers optimistic for 2024,” said Rose Kemp, Orlando Regional REALTOR® Association President. “Rates have begun to fall, and many sellers are happy with the equity they have earned in their existing homes. January data shows a spike in new listings as many buyers and sellers who had been waiting on the sidelines felt confident to enter the market and make a move.”

Market Snapshot

• Interest rates fell from 6.6% in December to 6.5% in January. This is 6.2% higher than January 2023 when interest rates were 6.1%.
• Pending sales rose 32.4%, with 2,495 in December and 3,303 in January.
• 22 distressed homes (bank-owned properties and short sales) accounted for 1.3% of all home sales in January. That represents a 69.2% increase from December, when 13 distressed homes sold.

Inventory

• Orlando area inventory increased 4.8% from December to January. Inventory in December was 7,838, and inventory in January was 8,217.
• The supply of homes increased to 4.78 months in January, up 20.9% from 3.95 months in December. A balanced market is six months of supply. The last time the supply of homes was this high was January 2016.
• The number of new listings increased from December to January by 46.3% – from 2,409 homes to 3,524 homes.

ORRA’s full State of the Market Report for December can be found 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.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

Orlando Regional REALTOR® Association releases overall 2023 data, revealing that rising interest rates were the biggest factor affecting housing market in 2023, slowing sales and boosting inventory.

December 2023 Summary

State of the Market

• “The housing market in 2023 continued to stabilize from the frenzy we saw during COVID-19. Many buyers chose to wait on
  buying a home amid rising interest rates,” said Rose Kemp, 2024 Orlando Regional REALTOR® Association President. “Interest
  rates fell near the end of 2023, which enticed buyers who were waiting on the sidelines. Looking ahead, these rates will continue
  to be the biggest factor in the market.”
• The overall median home price in 2023 was recorded at $370,500, an all-time high and a slight increase of 1.5% compared to
  2022 when the overall median home price was recorded at $365,000.
• Overall sales in December decreased slightly – 0.7% – from November, with 1,982 sales recorded. Overall sales in 2023 decreased
  by 20.1% with a total of 30,499 sales. Overall sales in 2022 were recorded at 38,162.
  Single family home sales decreased in 2023 by 19.6% for a total of 22,530 sales compared to 28,022 sales in 2022.
  Condo sales decreased in 2023 by 22.5% for a total of 4,007 sales compared to 5,168 sales in 2022.
  Townhome sales decreased by 19.7% in 2023 for a total of 2,853 sales compared to 3,551 in 2022.
• In November 2023, inventory was recorded at 8,202 – 4.11 months of supply. This was the highest inventory in the Orlando area
  since January 2019. (The real estate market is considered balanced when there is 6 months of supply.) Closing the year, inventory
  was recorded at 7,838 in December – 3.95 months of supply.
• Interest rates rose nearly every month in 2023. In October 2023, interest rates reached 7.8%, their highest point in more than 22
  years. Interest rates began to fall in the two subsequent months, closing out the year at 6.6%.
• New listings dropped in December, with 2,409 new listings, compared to 3,188 new listings in November.

2023 Annual Market Recap

(Cumulative 2023 totals compared to cumulative 2022 totals)

• The overall median home price in 2023 was recorded at $370,500, an all-time high and a slight increase of 1.5% compared to 2022 when the overall median home price was recorded at $365,000.
• Overall sales in 2023 decreased by 20.1% with a total of 30,499 sales. Overall sales in 2022 were recorded at 38,162.
  • Single family home sales decreased in 2023 by 19.6% for a total of 22,530 sales compared to 28,022 sales in 2022.
  • Condo sales decreased in 2023 by 22.5% for a total of 4,007 sales compared to 5,168 sales in 2022.
  • Townhome sales decreased by 19.7% in 2023 for a total of 2,853 sales compared to 3,551 in 2022.
• “The housing market in 2023 continued to stabilize from the frenzy we saw during COVID-19. Many buyers chose to wait on buying a home amid rising interest rates,” said Rose Kemp, 2024 Orlando Regional REALTOR® Association President. “Interest rates fell near the end of 2023, which enticed buyers who were waiting on the sidelines. Looking ahead, these rates will continue to be the biggest factor in the market.”

Market Snapshot

• Interest rates rose nearly every month in 2023. In October 2023, interest rates reached 7.8%, their highest point in more than 22 years. Interest rates began to fall in the two subsequent months, closing out the year at 6.6%.
• The average interest rate in 2023 was 6.8%.

Inventory

• At the start of the year, inventory was recorded at 6,115 – 3.65 months of supply. Supply dipped in the following months before rising again.
• In November 2023, inventory was recorded at 8,202 – 4.11 months of supply. This was the highest inventory in the Orlando area since January 2019. (The real estate market is considered balanced when there is 6 months of supply.)
• Closing the year, inventory was recorded at 7,838 in December – 3.95 months of supply.
• The average monthly inventory for 2023 was 6,243. The average monthly inventory for 2022 was recorded at 4,997.

ORRA’s full State of the Market Report for December can be found 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 September 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.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

New Orlando Regional REALTOR® Association data shows inventory spikes as interest rates reach new heights.

State of the Market

• 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.
• Overall sales fell 17.8% from October to November. There were 1,996 sales in November, down from 2,429 sales in October. This is the sixth month in a row that home sales have fallen. A double-digit drop in sales from October to November is not out of the ordinary heading into the holiday season.
• 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.
• 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.
• 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.”

Market Snapshot

• Interest rates fell from 7.8% in October to 7.3% in November. This is 10.3% higher than November 2022 when interest rates were 6.6%.
• Pending sales fell 3.6%, with 2,900 in October and 2,796 in November.
• 21 distressed homes (bank-owned properties and short sales) accounted for 1.1% of all home sales in November. That represents a 16.0% decrease from October, when 25 distressed homes sold.

Inventory

• Orlando area inventory increased 15.6% from September to October. Inventory in September was 6,758, and inventory in October was 7,813.
• The supply of homes increased to 3.22 months in October, up 21.8% from 2.64 months in September. A balanced market is six months of supply.
• The number of new listings decreased from September to October by 2.5% – from 3,545 homes to 3,456 homes.

ORRA’s full State of the Market Report for September can be found 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 September 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.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

New Orlando Regional REALTOR® Association data shows inventory spikes as interest rates reach new heights.

State of the Market

• October’s interest rate was recorded at 7.8%, up from 7.3% in September. This is the highest interest rate in the Orlando area since April 2001.
• Inventory for October was recorded at 7,813, up 15.6% from September when inventory was recorded at 6,758. This is the seventh month in a row inventory has risen and the largest monthly percentage increase in 2023 so far.
• Overall sales fell 5.0% from September to October. There were 2,429 sales in October, down from 2,558 sales in September. This is the fifth month in a row that home sales have fallen.
• The median home price for October was recorded at $377,000, up from $370,000 in September. This breaks a three-month streak of the median home price falling.
• New listings fell 2.5% from September to October, with 3,456 new homes on the market in October, compared to 3,545 in September.
• Homes spent an average of 44 days on the market (DOM) in October, up from 41 days in September. This is 15.8% higher than October 2022 when homes spent an average of 38 days on the market.
• “Sales were down and inventory was up in October as interest rates reached their highest level in more than 22 years,” said Lisa Hill, Orlando Regional REALTOR® Association President. “Even as rates climb, demand is keeping home prices high, creating challenges for buyers this fall. Early reports from November show rates falling, so we will have to wait and see if this offers buyers some reprieve.”

Market Snapshot

• October 2022 when interest rates were 7.0%.
• Pending sales fell 12.7%, with 3,322 in September and 2,900 in October.
• 25 distressed homes (bank-owned properties and short sales) accounted for 1.0% of all home sales in October. That represents a 56.3% increase from September, when 16 distressed homes sold.

Inventory

• Orlando area inventory increased 15.6% from September to October. Inventory in September was 6,758, and inventory in October was 7,813.
• The supply of homes increased to 3.22 months in October, up 21.8% from 2.64 months in September. A balanced market is six months of supply.
• The number of new listings decreased from September to October by 2.5% – from 3,545 homes to 3,456 homes.

ORRA’s full State of the Market Report for September can be found here.

his 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 September 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.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

New Orlando Regional REALTOR® Association data shows rates reach highest level in over 20 years, contributing to market slowdown this fall.

State of the Market

• September’s interest rate was recorded at 7.3%, up from 6.6% in August. This is the highest interest rate since March 2002.
• Inventory for September was recorded at 6,758, up 10.5% from August when inventory was recorded at 6,115. This is the sixth month in a row inventory has risen.
• Overall sales fell 8.4% from August to September. There were 2,558 sales in September, down from 2,792 sales in August. This is the fourth month in a row that home sales have fallen.
• The median home price for September was recorded at $370,000, down from $375,000 in August. This is the third month in a row that median home price has fallen.
• New listings fell 2.1% from August to September, with 3,545 new homes on the market in September, compared to 3,620 in August.
• Homes spent an average of 41 days on the market (DOM) in September – the same as in August. This is 32.3% higher than September 2022 when homes spent an average of 31 days on the market.
• “Rising rates in September contributed to continued rising inventory, falling sales and falling median home price,” said Lisa Hill, Orlando Regional REALTOR® Association President. “Home sales during the fall are typically slower than sales during the spring or summer, and this may be especially prevalent this season with rates reaching their highest level in over 20 years. High interest rates have been the No. 1 factor affecting buyers this year, and it’s evident this challenge will persist.”

Market Snapshot

• Interest rates rose from 6.6% in August to 7.3% in September. This is 15.3% higher than September 2022 when interest rates were 6.3%.
• Pending sales fell 8.9%, with 3,647 in August and 3,322 in September.
• 16 distressed homes (bank-owned properties and short sales) accounted for 0.6% of all home sales in September. That represents a 23.8% decrease from August, when 21 distressed homes sold.

Inventory

• Orlando area inventory increased 10.5% from August to September. Inventory in August was 6,115 and inventory in September was 6,758.
• The supply of homes increased to 2.64 months in September, up 20.6% from 2.19 months in August. A balanced market is six months of supply.
• The number of new listings decreased from August to September by 2.1% – from 3,620 homes to 3,545 homes.

ORRA’s full State of the Market Report for September can be found 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 August 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.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.