Central Florida Real Estate Recap of October 2023
October 2023 Recap
State of the Market
- October’s interest rate was recorded at 7.8%, up from 7.3% in September. This is the highest interest rate in the Orlando area since April 2001.
- Inventory for October was recorded at 7,813, up 15.6% from September when inventory was recorded at 6,758. This is the seventh month in a row inventory has risen and the largest monthly percentage increase in 2023 so far.
- Overall sales fell 5.0% from September to October. There were 2,429 sales in October, down from 2,558 sales in September. This is the fifth month in a row that home sales have fallen.
- The median home price for October was recorded at $377,000, up from $370,000 in September. This breaks a three-month streak of the median home price falling.
- New listings fell 2.5% from September to October, with 3,456 new homes on the market in October, compared to 3,545 in September.
- Homes spent an average of 44 days on the market (DOM) in October, up from 41 days in September. This is 15.8% higher than October 2022 when homes spent an average of 38 days on the market.
- “Sales were down and inventory was up in October as interest rates reached their highest level in more than 22 years,” said Lisa Hill, Orlando Regional REALTOR® Association President. “Even as rates climb, demand is keeping home prices high, creating challenges for buyers this fall. Early reports from November show rates falling, so we will have to wait and see if this offers buyers some reprieve.”
Market Snapshot
- October 2022 when interest rates were 7.0%.
- Pending sales fell 12.7%, with 3,322 in September and 2,900 in October.
- 25 distressed homes (bank-owned properties and short sales) accounted for 1.0% of all home sales in October. That represents a 56.3% increase from September, when 16 distressed homes sold.
Mortgage Rates
Inventory
- Orlando area inventory increased 15.6% from September to October. Inventory in September was 6,758, and inventory in October was 7,813.
- The supply of homes increased to 3.22 months in October, up 21.8% from 2.64 months in September. A balanced market is six months of supply.
- The number of new listings decreased from September to October by 2.5% – from 3,545 homes to 3,456 homes.
Year over Year Changes
Courtesy of Orlando Regional Realtor Association
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