Real Estate Recap of August 2024

Central Florida Real Estate Recap of August 2024

August’s interest rate was the lowest that interest rates have been since August 2022

State of the Market

August’s interest rate was recorded at 6.1%, down from 6.6% in July. This is the lowest interest rates have been since August 2022.
Homes spent an average of 57 days on the market (DOM) in August – up from 55 in July.
- In August 2023, homes spent an average of 41 days on the market.
Inventory for August was recorded at 11,511, up 3.2% from July when inventory was recorded at 11,158. This is the eighth month in a row inventory has risen. The last time inventory was this high was September 2015.
- Inventory in August 2024 was 88.2% higher than in August 2023.
The median home price for August was recorded at $384,500, down from $390,000 in July.
Overall sales held steady from July to August. There were 2,655 sales in August, compared to 2,652 sales in July.
Pending sales fell by 11.1%, with 3,999 in July and 3,556 in August.
New listings fell 5.2% from July to August, with 3,856 new homes on the market in August, compared to 4,067 in July.
Interest rates have dropped to their lowest level since August 2022, providing much-needed relief for buyers,” said Rose Kemp, President of the Orlando Regional REALTOR® Association. “This decrease can significantly reduce monthly mortgage payments by hundreds of dollars. Additionally, buyers have more leverage and options, with homes staying on the market longer and inventory increasing. Now is the perfect time to explore the market, find your dream home, and secure a favorable rate.

Market Snapshot

Interest rates fell from 6.6% in July to 6.1% in August.
Pending sales fell 11.1%, with 3,999 in July and 3,556 in August.
11 distressed homes (bank-owned properties and short sales) accounted for 0.4% of all home sales in August. This is a 56.0% decrease from July, when 25 distressed homes sold.

Inventory

Orlando area inventory rose 3.2% from July to August. Inventory in July was 11,158, and inventory in August was 11,511.
The supply of homes rose to 4.34 months in August, up 3.0% from 4.21 months in July. A balanced market is six months of supply.
The number of new listings decreased from July to August by 5.2% – from 4,067 homes to 3,856 homes.