***Published on 1st October 2024***  

September “summary ”  from the Resort Area Market...  

The resort area's rising inventory levels continued in September, with the total number of listings recorded at 3,217, 1.7% up on the 3,161 in August and still well above the 2,767 total listings recorded at the start of 2024.  The August median price was unchanged from July at $400,000  but remains down 1.1% from the January median price of 404,418.  Total sales during September of 340 were down 14  from the previous month and also down by 72 on the 412 closings recorded during July.  The average days a home took to sell during September was unchanged from August at 114 but up 2 days from the 112-day average recorded in July.   A closed home in September achieved an average of 98.0%  of its final listed price, up from the August figure of 97.80%.  The average days a home spent on the market was 81, which compares to 73 days in August and a 67-day average over the last 12 months.  The number of homes under offer/contract across the market was 530, but there was little change from the 523 total pending listings recorded in August.  In September, 399 homes were withdrawn from the market, 75 homes up on the August 324 total.  When considered against the current pace of sales, the total number of available listings indicates a 9.4-month inventory supply during the month, which is down from a 9.7-month level in August and down on the 9.8-month level recorded back in January 2024.    

Orlando..   

Homes spent an average of 57 days on the market in August, up from 55 days in July. In August 2023, homes spent an average of 41 days on the market. Inventory levels stood at 11,511 homes, up 3.2% from July when inventory was recorded at 11,158. This is the eighth consecutive month inventory has risen; the last time inventory was this high was in September 2015. Inventory during August 2024 was 88.2% higher than in August 2023. The Orlando median home price was $384,500, down from $390,000 in July. Overall sales held steady from July to August, with 2,655 total closings during the month, compared to 2,652 closings in July.   Pending sales fell by 11.1%, with the 3,999 July total down to 3,556 during August.  New listings fell 5.2% from July to August, with 3,856 new homes entering the market, compared to 4,067 in July.   11 distressed homes (bank-owned properties and short sales) accounted for 0.4% of all home sales during the month, which was a 56.0% decrease from July when 25 distressed homes changed hands.   The supply of homes rose to 4.4 month level in August, up 3.0% from 4.2 months in July.  The number of new listings decreased from July to August by 5.2%, from 4,067 to 3,856 homes.    

Florida...

Florida’s broader housing market reported increased new listings, easing median sales prices and improved inventory levels in August 2024 compared to a year ago, according to Florida Realtors®’ latest housing data.  Closed sales declined year-over-year, as has been the case for most of this year. They have tracked pretty closely to last year’s totals. Year to date through August, closed sales of single-family homes are down 1.7%. With closed sales of existing single-family homes statewide totalling 22,675, while existing condo-townhouse sales totalled 7,898, down 14.9% over August 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 was $411,638, slightly down from a year ago, while the statewide median price for condo-townhouse units was $310,000, down 4.3% from August 2023.  New listings of single-family homes in August were up by 2.3% compared to a year ago, which is the smallest year-over-year increase we've seen for new listings of single-family homes this year for the year; this category is still up by nearly 14%. Meanwhile, new condo-townhouse listings were up 1.8% year-over-year.  On the market's supply side, single-family existing homes were at a 4.5-month supply in August 2024, while condo-townhouse properties were at a 7.2-month level.     

U.S...

Existing home sales fell in August, according to the National Association of Realtors®. Three out of four major U.S. regions posted sales declines, while the Midwest registered no change. Year-over-year, sales slipped in three regions but remained stable in the Northeast. Total existing home sales for all home styles decreased 2.5% from July to a seasonally adjusted annual rate of 3.86 million in August. Year on year, sales retracted 4.2% (down from 4.03 million in August 2023). Total housing inventory at the end of August was 1.35 million units, up 0.7% from July and 22.7% from a year ago (1.1 million). Unsold inventory sits at a 4.2-month supply at the current sales pace, up from 4.1 months in July and 3.3 months in August 2023.  Single-family home sales decreased 2.8% to a seasonally adjusted annual rate of 3.48 million, down 3.3% from the previous year. The median single-family home price was $422,100 in August, up 2.9% from August 2023.  Existing condominium and co-op sales were identical to July at a seasonally adjusted annual rate of 380,000 units, down 11.6% from one year ago 430,000 units. The median existing condo price was $366,500, up 3.5% from the prior year's figure of $354,200.  First-time buyers were responsible for 26% of sales during August, matching the all-time low last seen in November 2021  and down from 29% in July 2024 and August 2023.  All-cash sales accounted for 26% of transactions in August, down from 27% in July and one year ago. Individual investors or second-home buyers, who make up many cash sales, purchased 19% of homes in August, down from 13% in July 2024 and 16% in August 2023.  Distressed sales of foreclosures and short sales represented 1% of all closings in August, unchanged from last month and the previous year.  

Freddie Mac reported that the 30-year fixed mortgage rate averaged 6.09% for the week ending Sept. 19, down from 6.20% the previous week.  

Closing Numbers ... September 30th 2024…  

1 G.B.P…Buys  1.341 U.S.D                   -              1 U.S.D…Buys  0.745  G.B.P

1 EURO...Buys  1.119 U.S.D                   -              1 U.S.D…Buys  0.892  EURO

   1 CAN $…Buys 0.739 U.S.D                   -              1 U.S.D…Buys  1.351  CAN $

  1 BRL.…Buys 0.183 U.S.D                   -                    1 U.S.D…Buys  5.434  U.S.D  $

***

U.S Federal Prime Interest Rate = 8.0%