***Published on 1st August 2024***.  

July “jottings”  from the Resort Area Market...

Total sales during July were 412, 11 higher than the previous month, but 32 were below the 444 resort area closings recorded in May.  A home that did sell during July closed at an average 98.0%  of its final listed price, which was up from the June figure of 9.7%, whilst the average days that a home spent on the market during the month was 68 which compared to the 72-day average last month and a 63-day average recorded in the previous 12 months.  The recent trend of overall increasing Inventory stopped in July, with the total number of listings standing at 3,157, down from 3,468 in June but still up 12.4% on the 2,767 total listings recorded at the start of the year.  The July median home price decreased 0.9% from $403,900  to $400,000, whilst the average days a home takes to close was up by 1 day from June at 112 and 3 days from the 109-day average recorded in May.  During July, 314 homes were withdrawn from the market, up from the 275 withdrawn during June.  When considered against the sales pace, the total number of available listings indicates a 7.7-month inventory level, a fall from the 8.6 level last month and over 2 months below the 9.8-month level we saw at the start of 2024.   

Orlando..

The median home price for June was $395,000, up from $385,000 in May, the highest monthly median home price on record for the Orlando area. It was the second time in 2024 that this record had been broken. Inventory for June stood at 10,796, up 5.0% from May, when inventory was recorded at 10,282. This is the sixth month in a row inventory has risen, whilst the last time inventory levels were this high was in November 2015.  Overall sales fell 10.6% from May to June, with 2,601 sales during June, down from 2,909 in May, marking the end of a four-run of rising sales. June’s interest rate was 6.7%, up from 6.6% in May.  Pending sales fell 8.3%, with 4,298 in May and 3,940 in June.  New listings were down 8.4% from May to June, with 4,143 new homes entering the market during the month, compared to 4,521 in May. Homes spent an average of 54 days on the market n June which was the same as in May and April.  25 distressed homes (bank-owned properties and short sales) accounted for 1.0% of all home sales in June. That represents a 47.1% increase from May when 17 distressed homes sold.   

Florida...

Florida’s housing market showed rising inventory levels, more new listings and moderating median sales prices compared to a year ago, according to Florida Realtors®’ latest housing data.  Last month, closed sales of existing single-family homes statewide totalled 23,183, down 11.1% year on year, while existing condo and townhouse sales totalled 8,339, down 20.5% over June 2023, according to data from Florida Realtors Research Department in partnership with local Realtor® boards/associations.  The statewide median sales price for an existing single-family home in June was $427,000, up 1.7% compared to June 2023, while the statewide median price for condo-townhouse units was $324,900, basically the same as a year ago. Year to date, new listings of single-family homes for sale are up over 16%, but in June, they rose 6% compared to a year ago, while new listings of townhouses and condos are up by over 19% year on year but recorded a 4.6% increase during June.  On the market's supply side, single-family existing homes were at a 4.6-month supply, while condo-townhouse properties were at a 7.4-month supply. 

 U.S...

Existing home sales fell in June as the median sales price climbed to the highest price ever recorded for the second consecutive month, according to the National Association of Realtors®.  Total existing home sales for all styles receded 5.4% from May to a seasonally adjusted annual rate of 3.89 million in June. Year on year, sales also dropped 5.4% (down from 4.11 million in June 2023).  Total housing inventory registered at the end of June was 1.32 million units, up 3.1% from May and 23.4% from the one-year-ago level of 1.07 million. Unsold inventory sits at a 4.1-month supply at the current sales pace, up from 3.7 months in May and 3.1 months in June 2023. The last time unsold inventory posted a four-month supply was May 2020 (4.5 months). Single-family home sales retracted to a seasonally adjusted annual rate of 3.52 million in June, down 5.1% from 3.71 million in May and 4.3% from the prior year. The median existing single-family home price was $432,700 in June, up 4.1% from June 2023.  Existing condominium and co-op sales tumbled 7.5% in June to a seasonally adjusted annual rate of 370,000 units, down 14% from one year ago (430,000 units). The median existing condo price was $371,700 in June, up 2.6% from the previous year ($362,200). First-time buyers were responsible for 29% of sales in June, down from 31% in May but up from 27% in June 2023. NAR's 2023 Cash sales accounted for 28% of all transactions during June, unchanged from May and up from 26% one year ago. Individual investors or second-home buyers, who make up many cash sales, purchased 16% of homes in June, identical to May and down from 18% in June 2023.  Distressed sales of foreclosures and short sales represented 2% of total sales in June, unchanged from last month and the previous year. The median existing home price for all housing types during the month was $426,900, an all-time high and an increase of 4.1% from the one-year-ago level.

The average rate on the popular U.S. 30-year fixed-rate mortgage edged to 6.78% for the week ending July 25, leaving it about half a percentage point below its peak earlier this year. That was up slightly from 6.77% in the prior week, according to Freddie Mac. It averaged 6.81% during the same period a year ago.    

Closing Numbers ... July 31st 2024…

 1 G.B.P…Buys  1.285 U.S.D                   -              1 U.S.D…Buys  0.778  G.B.P

1 EURO...Buys  1.084 U.S.D                   -              1 U.S.D…Buys  0.922  EURO

 1 CAN $…Buys 0.724 U.S.D                   -              1 U.S.D…Buys  1.380  CAN $

*** 

U.S Federal Prime Interest Rate = 8.5%.  

Team Donovan publishes this updated market news on the 1st of each month to benefit Orlando Resort Area property owners. Our community reports are published on the 15th of each month. If you are considering selling your property, don't hesitate to contact us; we would be delighted to discuss the process in more detail.