The latest housing report for the Orlando area reflected that the Central Florida housing market has its largest housing inventory in nearly five years.
The Orlando Regional Realtor Association’s November report detailed that 8,202 homes were available for sale, a year-to-year increase of 14%, and a 5% increase since October.
ORRA President Lisa Hill said in an email this is a good sign for the market going into 2024.
“A 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,” Hill said.
The market has had a tumultuous year, seeing some of the highest interest rates and home prices in decades, as well as some of its lowest supply inventory.
The November report offered a more optimistic outlook with a rise in available homes, as well as a slight decrease in the mortgage rate — which was 7.3%, down from 7.8% in October, a 22-year high.
The report is the last one published in 2023, closing out the year, before December’s report is released in January.
Other notable data in the report include another 4.2% rise in the area median home price and a stagnant number in sales.
Lillian Hernández Caraballo is a Report for America corps member.
