According to new data by the Orlando Regional Realtor Association, inventory for September 2023 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 number one factor affecting buyers this year, and it's evident this challenge will persist."