September 2024 Greater Orlando Housing Market Overview

The latest data from the Orlando Regional Realtor Association highlights key trends in the September 2024 housing market, pointing toward a more balanced landscape as inventory rises and interest rates decline. Key Trends: Rising Inventory: September saw a 71.1% increase in available homes compared to the same period in 2023, marking the ninth consecutive month of inventory growth. The total number of homes for sale reached 11,560, a slight 0.4% increase from August 2024. Slight Decline in Home Prices: The median home price in Orlando decreased to $380,000 in September from $384,500 in August, reflecting a small 1.2% drop. However, year-over-year, prices have risen by 2.7%. Sales Activity: Home sales took a dip in September, with 2,249 properties sold, a 15.3% decrease from August. Additionally, new listings dropped by 8.5%, with 3,530 new homes entering the market in September, down from 3,856 in August. Interest Rates: Mortgage interest rates have decreased to 5.9%, the lowest since August 2022, offering potential relief for buyers who have been priced out in previous months. This decline from August's 6.1% signals better borrowing conditions as we approach the end of the year. *As of October 15, 2024, the rate was 6.62% (https://www.cnbc.com/quotes/US30YFRM) Distressed Sales: While distressed properties remain a small portion of the market, their sales have increased by 54.5% compared to August, making up 0.8% of the total home sales (17 homes) in September. Conclusion: Lower interest rates and rising inventory levels are setting the stage for a more balanced market in Orlando as we enter the final quarter of 2024. For buyers, these conditions could present new opportunities, especially for those who have been waiting for the right moment to jump in. For sellers, competitive pricing will be key as more homes come to market. Stay updated on these trends by checking out the full report and additional details at https://www.orlandorealtors.org/marketreports

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Mortgage Rates Drop, Offering a Positive Outlook for the Housing Market

This week brought good news for homebuyers and the real estate industry. The 30-year mortgage rate traded earlier this week as low as 6.11%, with a slight uptick to 6.15% as of this morning. While still relatively high compared to the historically low rates of recent years, this movement marks a positive trend that could benefit buyers and sellers. One of the key drivers for the positive mortgage rate decline is the bond market. The spreads between Treasury yields and mortgage rates have narrowed, helping ease pressure on borrowing costs. The bond market has gotten ahead of the Federal Reserve's next moves. With the Fed meeting next week, it's unlikely that the results of this meeting will lead to significantly lower rates. The bond market has already factored in most potential outcomes, meaning we may not see much additional downward movement from here. However, any trend toward lower mortgage rates, no matter how small, is a welcome sign for the housing industry. A drop in rates can make homeownership more affordable for buyers and help stimulate demand, which is particularly important as the market balances inventory levels and buyer preferences. If you're considering buying or selling a home, keep an eye on these rates. Even small adjustments can make a significant difference in what you pay over the life of a loan, and a favorable market can help both buyers and sellers meet their goals. Let's stay tuned to next week's Fed meeting, but for now, the slight drop in rates is a step in the right direction.   *source housingwire.com

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Mortgage Rates Hit Lowest Since September, Setting the Stage for a Promising Spring Housing Market

Orlando Mortgage Rates Hit Lowest Since September, Setting the Stage for a Promising Spring Housing Market As we enter the holiday season, the real estate market in the Orlando area is experiencing a notable development: mortgage rates have dropped to their lowest point since September. While the impact may not be immediately noticeable during the remaining months of 2023, this shift marks the beginning of a positive momentum expected to pave the way for the housing market in spring 2024. One indicator driving optimism in the Orlando housing market is the recent dip in mortgage rates. Lower interest rates can potentially attract more homebuyers off the sidelines and stimulate increased activity in the housing market. Additionally, lower rates could lead to more homeowners entering the market, fostering an environment that could result in a more robust and competitive spring season. While the holiday season traditionally sees a slowdown in real estate transactions, the current decline in mortgage rates could still have a positive influence. The lower rates might encourage some buyers to act sooner, taking advantage of the favorable financing conditions and securing a home they've found. Additionally, homeowners looking to sell may find increased interest from potential buyers seeking to lock in lower rates before the expected upturn in the spring. Orlando Single-Family Housing Snapshot Here's a brief on the Orlando area's single-family housing market. - Average Days on Market: 40 days - Average Home Price: ~$530,000 - Market Inventory and Supply: ~6,500 single-family homes available in the Orlando market. Despite this substantial inventory, the market is still under four months of supply.  Looking Ahead to Spring 2024 The combination of lower mortgage rates and the current state of the Orlando housing market sets the stage for a better spring in 2024. As the real estate market traditionally experiences increased activity during the spring, the momentum generated by the current favorable conditions could result in heightened competition among buyers and sellers alike.

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