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Orlando State of the Market November 2022

December 16th, 2022 by tisner

State of the Market
“The housing market typically experiences a slowdown during the holiday season, and with high interest rates and economic uncertainty, this season’s slowdown may be especially significant,” said Tansey Soderstrom, Orlando Regional REALTOR® Association President. “While there is a lot of uncertainty with where the housing market is headed, buyers in the Orlando area have twice as many homes to consider than they did a year ago, and for sellers, home values and prices continue to remain steady.”

– The median home price for November was recorded at $360,000, down from $365,000 in October.

– Overall sales fell from October to November. There were 1,996 sales in November – down 26.5% from 2,716 sales in October. This is the lowest number of monthly home sales in nearly four years, dating back to January 2019. Overall sales in November 2022 were 45.5% lower than November 2021 when there were 3,664 sales.

– Orlando area inventory slightly increased by 1.0% from October to November from 7,128 homes to 7,197 homes. Inventory in November 2022 was 136.3% higher than in November 2021, when it was recorded at 3,046 homes.

– Interest rates decreased from 7.0% in October to 6.6% in November. This is 122.9% higher than November 2021 when interest rates were 3.0%.

– 9 distressed homes (bank-owned properties and short sales) accounted for 0.5% of all home sales in November. That represents a 55.0% decrease from October, when 20 distressed homes sold.

– New listings decreased by 14.6% from October to November, with 2,597 new homes on the market in November.

ORRA’s full State of the Market Report for September can be found here.

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