Central Florida Real Estate Recap of September 2023
September 2023 Recap
State of the Market
- September’s interest rate was recorded at 7.3%, up from 6.6% in August. This is the highest interest rate since March 2002.
- Inventory for September was recorded at 6,758, up 10.5% from August when inventory was recorded at 6,115. This is the sixth month in a row inventory has risen.
- Overall sales fell 8.4% from August to September. There were 2,558 sales in September, down from 2,792 sales in August. This is the fourth month in a row that home sales have fallen.
- The median home price for September was recorded at $370,000, down from $375,000 in August. This is the third month in a row that median home price has fallen.
- New listings fell 2.1% from August to September, with 3,545 new homes on the market in September, compared to 3,620 in August.
- Homes spent an average of 41 days on the market (DOM) in September – the same as in August. This is 32.3% higher than September 2022 when homes spent an average of 31 days on the market.
- “Rising rates in September contributed to continued rising inventory, falling sales and falling median home price,” said Lisa Hill, Orlando Regional REALTOR® Association President. “Home sales during the fall are typically slower than sales during the spring or summer, and this may be especially prevalent this season with rates reaching their highest level in over 20 years. High interest rates have been the No. 1 factor affecting buyers this year, and it's evident this challenge will persist.”
- Interest rates rose from 6.6% in August to 7.3% in September. This is 15.3% higher than September 2022 when interest rates were 6.3%.
- Pending sales fell 8.9%, with 3,647 in August and 3,322 in September.
- 16 distressed homes (bank-owned properties and short sales) accounted for 0.6% of all home sales in September. That represents a 23.8% decrease from August, when 21 distressed homes sold.
- Orlando area inventory increased 10.5% from August to September. Inventory in August was 6,115 and inventory in September was 6,758.
- The supply of homes increased to 2.64 months in September, up 20.6% from 2.19 months in August. A balanced market is six months of supply.
- The number of new listings decreased from August to September by 2.1% – from 3,620 homes to 3,545 homes.
Year over Year Changes
Courtesy of Orlando Regional Realtor Association
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