T
he Orlando Regional Realtor Association (ORRA) reported a decline in listings inventory for October 2024, with 11,357 homes available, down 1.8% from September's total of 11,560. This marks the end of a nine-month streak of increasing inventory. Despite the monthly decrease, inventory levels remain 45.4% higher than they were in October 2023.

    The median home price rose to $388,990 in October, up from $380,000 in September. Homes spent an average of 60 days on the market (DOM) in October, a slight increase from September's 58 days.

    Sales declined by 7.3% month-over-month, with 2,085 homes sold in October compared to 2,249 in September. Pending sales dropped sharply by 20.7%, falling from 3,490 in September to 2,767 in October. New listings also decreased, down 7.6% from September's total of 3,530.

    According to ORRA President Rose Kemp, the increase in interest rates contributed to the decline in inventory and sales. While a market slowdown is typical during the holiday season, it will be interesting to see how the remainder of the year unfolds, particularly with the conclusion of the election period potentially influencing market dynamics.