Climbing interest rates continue to have an impact on closed sales and new contracts. Closed sales dropped 27.8% with 2,716 homes of all types closing compared to 3,760 a year ago. New contracts declined over 50% from 3,583 to 1,788 compared to October 2021. Slowing sales have pushed the inventory of homes available for sale up over 100% compared to last year. There are currently 7,128 homes for sale compare to 3,406 last year.
Higher rates have also caused home price increases to slow. The median sales price last month was up 12.3% compared to last year. The median sales price of $365,000 held steady compared to September. I do not see any major decline in prices for a number of reasons. First, the increased inventory only represents a 2.6 month supply of homes available for sale. Second, homes are still selling in just 38 days on average. Third, new listings declined by over 22% from 3,940 a year ago to just 3,041 last month.
Check out this quick video with October 2022 #OrlandoRealEstate market results.