New Orlando Regional REALTOR® Association data shows break in nine-month streak of rising inventory!

State of the Market
“We saw the end of a nine-month inventory increase in October as interest rates rose back into the 6.0s,” said Rose Kemp, President of the Orlando Regional REALTOR® Association. “While inventory has shifted, this still represents a significant improvement compared to last year, offering more opportunities for buyers. With the holidays approaching, we typically see a market cooldown, but it will be exciting to see how the rest of the year unfolds. Additionally, with the election period now over, its impact on market conditions will also be interesting to follow.”

• The median home price for October was recorded at $388,990, up from $380,000 in September.

• Overall sales decreased by 7.3% from September to October. There were 2,249 sales in September and 2,085 sales in October.

• Inventory for October was recorded at 11,357, down 1.8% from September when inventory was recorded at 11,560. This breaks a
  nine-month streak of rising inventory. Inventory in October 2024 was still 45.4% higher than in October 2023.

• October’s interest rate was recorded at 6.4%, up from 5.9% in September.
  
• 17 distressed homes (bank-owned properties and short sales) accounted for 0.8% of all home sales in October – the same as in September.

• New listings fell 7.6% fell 7.6% from September to October, with 3,260 new homes on the market in October, compared to 3,530 in September.

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

¡El informe completo sobre el estado del mercado de ORRA para octubre de 2024 se encuentra en https://www.orlandorealtors.org/statemarket

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