Orlando Realtor® Association reports home sales at lowest level in 15 years in its monthly State of the Market Report for sales data from January 2023. The number of home sales in January was 1,674, which is the lowest since February 2009. Year-over-year, home sales declined by 44%. Data is indicating a “balancing” of market conditions with average days on market up 78% year-over-year from 49 to 57 days and months’ supply of inventory up 365% during the same timeframe from less than a month’s supply to 3.6 month’s supply. The median home value for Central Florida remained nearly flat year-over-year rising from 4.5% from $335,000 to $350,000. As a result of rising interest rates, the Central Florida market has decelerated significantly although values currently remain stable. The average mortgage rate has risen 81.5% year-over-year from 3.4% to 6.1% in January. The Federal Reserve has warned that it will continue to raise interest rates in 2023 to combat 40-year high inflation figures.
The full report is available here: February State of the Market
JasonCraneRE 