Residential Real Estate News
Greater Orlando Area Home Sales Collapse 18 Percent in a Single Month
Orlando home sales down 28% year-over-year in September
According to new data by the Orlando Regional Realtor Association, overall home sales in September 2022 dropped by 18.3% for a total of 2,717 sales compared to 3,324 sales in August 2022. In the same timeframe, September's interest rate was recorded at 6.3%, a 19.5% increase from August when the interest rate was 5.3%.
ORRA also reports that overall sales dropped 28.3% annually in September 2022 as compared to September of 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.
Inventory rose 1.8% in September, from 6,762 to 6,884. This is the fifth straight month of inventory increases. Homes spent an average of 31 days on the market in September, jumping 14.8% from August when the average was 27 days.
ORRA says that new listings decreased by 27.1% from August to September, with 3,318 new homes on the market in September.
"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."
