Published on 1st October 2023, this blog post brings you the latest news and updates on the real estate market in Orlando, Florida, and the United States.
Resort Area Summation
In September, the month-on-month median price in Orlando’s resort area remained steady, while the number of listings saw an increase. However, total closings were down when compared to the previous year, with homes selling at an average of 97.8% of their listed price. The number of homes under contract fell, and the number of homes withdrawn from the market rose. When considered against the sales pace, September’s total inventory indicates a 4.3-month supply of home availability.
According to the Orlando Regional Realtor Association, the housing inventory for August 2023 stood at 6,115 homes, up 6.9% from July. New listings rose 6.1% from July to August 2023, with the median home price falling for the second month in a row. Overall sales fell slightly month on month, with homes spending an average of 41 days on the market. August’s interest rate stood at 6.6%, down from 6.8% in July.
Statewide, closed sales of existing single-family homes were down 7.9% from August 2022. The state’s median sale price was $415,000, slightly above the national median. The average days on the market for a single-family home was significantly longer than the previous year, with a 3 month supply of housing stock across the state.
Nationally, existing home sales moved lower in August. Sales improved in the Midwest, were unchanged in the Northeast, and slipped in the South and West. The median existing home price was $407,100, an increase from the previous year. First-time buyers were responsible for 29% of all sales during August, with distressed sales of foreclosures and short sales representing 1% of all sales. The 30-year fixed rate loan averaged 7.18% as of September 14.
Exchange Rates as of September 29th, 2023
1 GBP buys 1.225 USD, 1 USD buys 0.815 GBP. 1 EURO buys 1.059 USD, 1 USD buys 0.943 EURO. 1 CAN $ buys 0.744 USD, 1 USD buys 1.342 CAN $. 1 BRL $ buys 0.199 USD, 1 USD buys 5.004 BRL $5.008.
The US average 30-year fixed rate loan interest rate stands at 7.55%.