Orlando Regional Realtor® Association reports Total Housing Inventory surging 54% year-over-year in its monthly State of the Market Report, for data collected from February 2024. Number of new listings also spiked by 34% year-over-year as well as Months-of-Supply up 59%. A flood of new listings appears to be rebalancing the housing shortage that has persisted for the past several years, as supply & demand work towards a healthier equilibrium. Home values remain resilient with the median value of $377,000 for February, up 5% year-over-year. Other metrics including Average-days-on-market, closed sales, number of offers accepted (pending contracts) remain nearly unchanged or only up or down modestly. Average mortgage rate of 6.55% for February is down from a 20-year high of 7.77% in October 2023, but remains elevated after a decade of historically low rates in the 3% range during the 2010’s. The Federal Reserve announced today to keep interest rates unchanged & provided commentary suggesting that it may cut interest rates heading into the latter part of 2024. Lower mortgage rates would improve home affordability & act as a catalyst to the future of the housing market. The full report is available here: March 2024 State of the Market
JasonCraneRE 