Market Pulse
In September, the interest rate dropped to 6.1%, down from 6.6% in August, marking the lowest rates we've seen since September 2022.
Homes in September stayed on the market for an average of 57 days, slightly longer than the 55 days in August. A year ago, in September 2023, homes were moving faster, spending an average of just 41 days on the market.
Inventory continues to rise, reaching 11,511 homes in September, up 3.2% from 11,158 in August. This is the eighth consecutive month of rising inventory, a level we haven’t seen since September 2015. Compared to September 2023, inventory is now 88.2% higher.
The median home price in September dropped slightly to $384,500, down from $390,000 in August.
Sales held steady, with 2,655 homes sold in September, just a slight increase from 2,652 sales in August. However, pending sales took a hit, dropping 11.1% from 3,999 in August to 3,556 in September.
New listings also saw a decrease, falling 5.2% from August to September, with 3,856 new homes on the market in September, down from 4,067 in August.
“Interest rates have dropped to their lowest level since September 2022, which is great news for buyers,” said Rose Kemp, President of the Orlando Regional REALTOR® Association. “This dip in rates can mean significant savings on monthly mortgage payments. Plus, with more homes available and staying on the market longer, buyers have more power to negotiate. Now is an excellent time to explore the market and find a great deal on your dream home.”
Market Glance
Interest rates dropped from 6.6% in August to 6.1% in September.
Pending sales fell by 11.1%, with 3,999 in August and 3,556 in September.
In September, 11 distressed homes (including bank-owned properties and short sales) made up 0.4% of all home sales. This represents a significant 56.0% decrease from August, when 25 distressed homes were sold.
Inventory
Orlando area inventory increased by 3.2% from August to September. Inventory in August was 11,158, and in September, it rose to 11,511.
The supply of homes rose to 4.34 months in September, up 3.0% from 4.21 months in August. A balanced market typically has about six months of supply.
The number of new listings decreased by 5.2% from August to September, with 3,856 new homes on the market in September, down from 4,067 in August.
To find out what today's INTEREST RATES are here in Central Florida
>>>>> CLICK HERE
To find out about the State of Orlando's Real Estate Market, check our Youtube playlist
>>>>> CLICK HERE
===============================
===============================
About Realtor Scott Garrison:
Bringing over 36+ years of experience as a local Orlando Realtor, Top Central Florida Realtor SCOTT GARRISON at ReMax Town & Country Real State has helped perhaps more Orlando-Area families and investors buy and sell Central Florida Residential Real Estate than any other of the #19,000+ Orlando Realtors currently working in the Central Florida area!
Living in Oviedo and with RE/MAX Real Estate offices in both WINTER SPRINGS, Florida and WINTER PARK, FL, Top Realtor SCOTT GARRISON actively serves your best Residential Real Estate needs virtually anywhere you’d want to be in Central Florida… including Orange, Seminole, Volusia, Osceola, Brevard, and Lake Counties. Scott has lived here in the Central Florida local Orlando-Area for nearly all of his life, attending the local Winter Park High School and graduating with several degrees from the nearby University of Central Florida.
As a Top Seminole & Orange County Real Estate Agent, Realtor Scott Garrison also has extensive experience in Residential Sales and Purchases, Vacant Land and in helping clients with Foreclosures and Short Sales! He owns multiple Rental Property right here in the area, and over the years, has done many “flips” by buying “ugly houses” and making them Pretty for a new buyer, so he also understands the Real Estate Investor mindset! Call Scott today to find out why “This Realtor WORKS!”
Comments(1)