12/15/2023
State of the Real Estate Market month End Report November 2023
โA balanced market is a six-month supply of homes. In November, for the first time since January 2019, we have more than four months of supply,โ said Lisa Hill, Orlando Regional REALTORยฎ Association President. โWith an increase in inventory and with interest rates showing signs of coming down, we have conditions for a strong, healthy market heading into 2024.โ
The median home price for November was recorded at $375,000, down slightly from $377,000 in October.
Overall sales fell 17.8% from October to November. There were 1,996 sales in November, down from 2,429 sales in October. This is the sixth month in a row that home sales have fallen. A double-digit drop in sales from October to November is not out of the ordinary heading into the holiday season.
Inventory for November was recorded at 8,202, up 5.0% from October when inventory was recorded at 7,813. This is the eighth month in a row inventory has risen.
Novemberโs interest rate was recorded at 7.3%, down from 7.8% in October, when rates reached their highest level in more than 22 years.
21 distressed homes (bank-owned properties and short sales) accounted for 1.1% of all home sales in November. That represents a 16.0% decrease from October, when 25 distressed homes sold.
New listings fell 7.8% from October to November, with 3,188 new homes on the market in November, compared to 3,456 in October.