Market Conditions
“July was another strong month for the real estate market, as many families worked to complete their moves before the start of the new school year. We continue to see an increase in inventory and sales, while the Orlando real estate market continues to stabilize,” said Rose Kemp, president of the Orlando Regional Realtors Association. “Interest rates remain stable in the mid-to-high 6.0% range. Current market conditions offer buyers more options, along with potential new opportunities for negotiation. Real estate agents are key to the success of a buying and selling transaction.”
The average home price in July was $390,000, down from $395,000 in June. June marked the highest monthly average price ever recorded in the Orlando area. Home prices were cited as the second-biggest problem faced by buyers in the new ORRA survey.
Total sales increased by 2.0% from June to July. There were 2,652 sales in July, compared with 2,601 sales in June.
The July inventory stood at 11,158, a 3.4% increase from June, when the inventory stood at 10,796. This is the seventh consecutive month that inventory has increased. The last time inventory was this high was in November 2015. Inventory in July 2024 was 95.1% higher than in July 2023.
The interest rate in July stood at 6.6%, down from 6.7% in June. In ORRA’s latest survey of Orlando real estate agents, 52% of respondents cited interest rates as the main challenge for buyers, causing some buyers to hold off on purchasing homes for now or to look for homes in lower price ranges.
25 distressed properties (bank-owned properties and short sales) accounted for 0.9% of all real estate sales in July. This is the same number of distressed properties sold.
New listings fell 1.8% from June to July, with 4,067 new homes on the market in July, compared with 4,143 in June.
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