Orlando Real Estate Market: A Closer Look at September 2023

Orlando Real Estate Market: A Closer Look at September 2023

Orlando Real Estate Market: A Closer Look at September 2023

The Orlando real estate market has experienced some interesting shifts in September 2023. The Orlando Regional REALTOR® Association has released the latest market statistics, shedding light on the changing landscape. In this blog post, we'll break down the key figures and insights from the State of the Market report, providing a comprehensive view of what's been happening in the local real estate scene.

Sales and Inventory:

September saw 2,558 home sales, marking an 8.4% drop from August's 2,792 sales. This decrease represents the fourth consecutive month of declining home sales. Concurrently, inventory showed a substantial increase, rising 10.5% from August to 6,758 homes. This surge is the sixth consecutive month of inventory growth.

Median Home Price:

The median home price for September stood at $370,000, down from $375,000 in August. This marks the third consecutive month of declining median home prices.

Interest Rates:

One of the significant factors contributing to these changes is the surge in interest rates. September's interest rate was recorded at 7.3%, a considerable increase from the 6.6% rate in August. This is the highest interest rate recorded since March 2002.

New Listings:

New listings also saw a slight drop of 2.1% from August to September, with 3,545 new homes hitting the market in September, compared to 3,620 in August.

Distressed Homes:

Distressed homes, including bank-owned properties and short sales, comprised 0.6% of all home sales in September. This represents a 23.8% decrease from August when 21 distressed homes were sold.

Year-over-Year and Month-to-Month Changes:

The market saw some significant shifts when compared to the same period in the previous year. In September 2023, sales were 1.8% lower than in September 2022. Additionally, the median home price increased by 6.7% from the previous year. However, it's essential to consider that September 2023 exhibited an unusual seasonal trend, which is typically slower than the spring and summer months.

Outlook and Insights:

Lisa Hill, Orlando Regional REALTOR® Association President, shared her insights on these changes, emphasizing the impact of rising interest rates on buyer behavior. She mentioned that high interest rates have been the primary factor affecting buyers this year, and this challenge is likely to persist. The fall season usually experiences slower home sales, which could become even more pronounced with the interest rates reaching their highest levels in over two decades.

These statistics indicate a dynamic real estate market in Orlando, influenced by multiple factors, including interest rates and seasonal trends. It's crucial for buyers, sellers, and real estate professionals to stay informed about these trends and adapt their strategies accordingly.

Stay tuned for more updates as we continue to monitor the Orlando real estate market and provide insights into the evolving landscape.

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