New Orlando Regional REALTOR® Association data shows interest rates surge as home sales see the most significant drop since January 2022.
State of the Market
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September’s interest rate was recorded at 6.3%, a 19.5% increase from August when the interest rate was 5.3%.
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Overall sales in September dropped by 18.3% for a total of 2,717 sales compared to 3,324 sales in August.
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Overall sales dropped 28.3% in September 2022 compared to September last year.**The median home price for September 2022 was recorded at $365,000, a decrease of 3.4% compared to August’s median home price, $377,750. This is the third month in a row that the median home price has fallen.
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Inventory rose 1.8% in September, from 6,762 to 6,884. This is the fifth straight month of inventory increases.
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Homes spent an average of 31 days on the market in September, jumping 14.8% from August when the standard was 27 days.
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New listings decreased by 27.1% from August to September, with 3,318 new homes on the market in September.
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“We are starting to feel the impacts of rising interest rates on the Orlando housing market as they have more than doubled over the past 12 months,” said Tansey Soderstrom, Orlando Regional REALTOR® Association President. “Rising interest rates are causing buyers to be more cautious, resulting in fewer Orlando home sales for the month of September. This cooling off in sales does have an upside for buyers, as they now have the luxury of being more patient when looking for a home.”
(Disclaimer) All reports are completed at the month’s end
TALLAHASSEE, Fla. – President Joe Biden declared a major-disaster declaration covering 13 Florida counties early Thursday that could be expanded to more areas as Florida tries to recover from Hurricane Ian, the head of the Federal Emergency Management Agency (FEMA) said Friday.
“We are here to support this recovery. We know we’re still in the very active response stage,” FEMA Administrator Deanne Criswell said during a media briefing with Gov. Ron DeSantis, according to The News Service of Florida. “But we’ve already started planning for what the recovery is going to be because we know that this is going to be a very complicated and complex recovery.
