Market Pulse
Inventory for October reached 11,560 homes, a slight 0.4% increase from September’s 11,511. This marks the ninth consecutive month of rising inventory. The last time inventory was this high was back in October 2015. Compared to October 2023, inventory has surged by 71.1%.
Interest rates dropped to 5.9% in October, down from 6.1% in September. This is the lowest rate we’ve seen since August 2022, offering a bit of relief for buyers.
Homes spent an average of 58 days on the market in October, just a little longer than the 57 days in September. This represents a 41.5% increase compared to October 2023 when homes averaged 41 days on the market.
The median home price in October fell to $380,000, down from $384,500 in September.
Overall sales dropped by 15.3%, with 2,249 homes sold in October compared to 2,655 in September.
Pending sales also declined slightly by 1.9%, from 3,556 in September to 3,490 in October.
New listings saw a significant drop, falling 8.5% from September to October, with 3,530 new homes hitting the market, compared to 3,856 in September.
“Lower interest rates and rising inventory levels are setting the stage for a more balanced Orlando housing market as we enter Q4,” said Rose Kemp, President of the Orlando Regional REALTOR® Association. “With recent interest rate cuts from the Federal Reserve and a growing number of available homes, more buyers who’ve been waiting on the sidelines are finding new opportunities to achieve homeownership.”
Market Glance
Interest rates dropped from 6.1% in September to 5.9% in October. Pending sales fell by 1.9%, with 3,556 in September and 3,490 in October.
In October, 17 distressed homes (including bank-owned properties and short sales) accounted for 0.8% of all home sales. This represents a significant 54.5% increase from September, when 11 distressed homes were sold.
Inventory
Orlando area inventory increased by 0.4% from September to October. Inventory in September was 11,511, and in October, it rose slightly to 11,560.
The supply of homes jumped to 5.14 months in October, an 18.6% increase from 4.34 months in September. A balanced market typically has about six months of supply. This is the highest supply we’ve seen since January 2015.
New listings decreased by 8.5% from September to October, with 3,530 new homes hitting the market, down from 3,856 in September.
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