Market situation
"July represented another strong month in the real estate market as many families scrambled to make their moves before the start of the new school year. We continue to see an increase in inventory and sales as the Orlando real estate market continues to stabilize," said Rose Kemp, president of the Orlando Area Association of Realtors. "Interest rates remain stable in the mid-to-high 6.0% range. Current market conditions offer more options for buyers, along with new potential negotiating opportunities. Realtors are critical to the success of a purchase and sale transaction."
The average home price in July was recorded at $390,000, down from $395,000 in June. June was the month with the highest average monthly price ever recorded in the Orlando area. House prices were cited as the second biggest problem facing buyers in ORRA's new survey.
Total sales increased by 2.0% from June to July. There were 2,652 sales in July, compared to 2,601 in June.
July's stock was recorded at 11,158, an increase of 3.4% compared to June, when the stock was recorded at 10,796. This is the seventh month in a row that the stock has increased. The last time the stock was this high was in November 2015. The stock in July 2024 was 95.1% higher than in July 2023.
July's interest rate was recorded at 6.6%, down from 6.7% in June. In ORRA's new survey of Orlando realtors, 52% of respondents cited interest rates as the main challenge for buyers, causing some buyers to wait to buy homes now or look for lower price ranges.
25 distressed properties (bank-owned properties and short sales) accounted for 0.9% of all property 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 to 4,143 in June.
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