Jason Crane, Broker, Jason Crane Real Estate LLC

Orlando Home Values Set New Record High in June 2024

The Orlando Regional Realtor Association reports a new all-time high median home value of $395,000 in its July monthly State of the Market Report. Based on data from June 2024, home values rose 2.6% year-over-year as surging demand for housing has persisted in the face of total inventory that has nearly doubled & months-supply-of-inventory up 138% during the same period. Not only are more homes available, but they are spending more time on the market. Average days-on-market is up 31.7% year-over-year from 41 days to 54 days.

The increase in inventory is finally some good news for homebuyers who have been plagued by historically high mortgage rates for past 2 years or so during the Federal Reserve’s tightening of monetary policy. The average mortgage rate of 6.69% for June 2024 is nearly unchanged from an average mortgage rate of 6.66% in June 2022. The central bank has tipped its hand to the financial markets that it intends on reducing interest rates heading into late 2024. However, the Fed operates independently of the Executive Branch & the US Presidential election may cause them to delay any monetary policy changes into 2025. Only time will tell!

Full Report is available here:

www.orlandorealtors.org

Housing Inventory Doubles as reported by ORRA in its May 2024 “State of the Market”

Total housing inventory is up 100% year-over-year as reported by the Orlando Realtor® Association in its monthly market report for May 2024. New listings surged by 30% along with Months’ Supply of Inventory up 116%, both year-over-year. Despite the market changes, experts consider 6 months’ supply a balanced market & the current 3.5 months’ supply is still considered a shortage. Median home value of $385,000 is a slight 1.9% increase and cumulative monthly volume of sales, as measured by the combined dollar value of all homes sold, is nearly unchanged year-over-year at only a 2.8% decline. Avg Days-on-Market has risen 20% year-over-year from 45 to 54 days, an indicator that homes are taking longer to go under contract.

Avg. mortgage rate for May 2024 was 6.58%, flat year-over-year from May 2023, but near a 17-year high dating back to a high of 6.6% recorded in August 2007. The Federal Reserve has stated publicly its intention to begin reducing interest rates later in 2024, but has not committed to any specifics. It is highly unlikely the Fed will make any policy changes with the impending US Presidential Election this Fall.

Full report is here:

www.orlandorealtors.org

Home Values Hit All-time High in April 2024 as reported by ORRA in its Monthly State of the Market

Despite an 82% increase in total inventory year-over-year, Central Florida’s median home value achieved $388,500 in April 2024, a new all-time high & increase of 5% year-over-year. Number of closed sales remains strong, but flat year-over-year along with average-days-on-market and number of pending contracts. Months’ supply-of-inventory has also seen a significant rise to 3.4 months, up 83% year-over-year. This might actually be a welcome sight considering the housing shortage that has dominated the market for the past few years. Average mortgage rate for April was 6.91%, highest thus far recorded in 2024, but still below the recent 20-year high of 7.77% last October 2023. One other notable trend is the rise in amount of monthly condominium sales, doubling from 921 in July 2023 to 1,888 in April, likely a result of the decline in home affordability as condo values tend to be the last to rise and first to fall in the housing market cycle.

Full report here:

www.orlandorealtors.org

598 E Highland Ave, Clermont, FL 34711 -- Listed For Sale!
Fixer-upper. Attention home renovators & rehabbers! Rare opportunity for this downtown Clermont home located only 1.4 miles from Waterfront Park & Lake Minneola. Home is one story with 3 bedrooms/1 full bathroom, utility room, front patio, driveway, fenced yard & utility shed. Home is situated only 1 block from W Colonial Drive/Hwy 50 with convenient access to an abundance of dining options, grocery stores, banking, fitness, shopping centers & big box stores. Other attractions in the area include the South Lake Trail, Historical Downtown Clermont, Azalea Park, Veterans Park, Green Valley Golf Club, Lake Hiawatha Preserve, Swiss Waterski Complex, Minneola Athletic Complex, & Orlando Health South Lake Hospital. Home is also conveniently located with quick access to major thoroughfares including Hwy 27, Florida Turnpike & aforementioned Hwy 50/W Colonial Drive. Sold as-is, where-is. No Seller’s disclosures. Seller is making no warranties or representations of property condition. Room dimensions are approximate & should be independently verified. Proof of funds/pre-approval letter required with all offers. Buying party is responsible for verifying whether or not property condition will qualify for buyer’s specific loan program. MLS information deemed reliable, but not guaranteed. Parties are advised to verify. The seller requires a 10 DOM holding period prior to entertaining any offers.
Fixer-upper
Single Family Home
One Story
3 Bedrooms/1 Bathrooms
1080 Sqft.
Built 1961
Front Patio
Fenced Yard
Corner Lot
Utility Shed
No HOA
Broker’s Protected 2% Commission (Seller does not pay commissions on concessions or seller paid buyer’s closing costs)
Subject to REO special addendum, Foreign-entity affidavit & REO procedures
Offer Management Platform charges buyer’s agent $150 technology fee payable at closing.
MLS ID: o6204789
REO/Bank-owned status
No Seller’s Disclosures
Listing Courtesy of Jason Crane Real Estate, LLC
Jason Crane Real Estate, LLC is a licensed real estate brokerage in Florida.
3 min. Video Walk-through/Virtual Tour available
Listed for only $192,400

New Price! 341 Largovista Drive, Oakland, FL 34787 has a reduced list price of $649,900! This spacious Johns Landing luxury home along the border of Oakland & Winter Garden features 5 bedrooms/3.5 bathrooms, 3980 square feet, 2 car garage, in-ground pool with screened enclosure, built 2003, upstairs loft, rear pond view & loaded with upgrades. Water-front community, gated entrance, & mandatory HOA $500 semi-annual. Property is REO/bank-owned status. REO Special Bank addendum, $150 technology fee, no seller’s disclosures, & pre-approval letter/POF required. MLS ID: o6182707. More information including photos are available on www.JasonCraneRE.com

ORRA Reports Housing Inventory surging 77% in its April 2024 “State of the Market”

Orlando Regional Realtor® Association is reporting a 77% increase to housing inventory year-over-year from March 2023-2024. Home values remain resilient & sales remain strong with the median value up 5.9% year-over-year & closed sales down only modestly during same timeframe. Spring is typically when home sales start ramping up heading until the summer buying season. The surge in inventory may actually be a positive to help quench demand & offset the ongoing housing shortage that has persisted for the past several years. Average mortgage rate of 6.7% is one basis point lower than the Oct. ’23 high of 7.77%. However, the Federal Reserve is standing by its “higher for longer” stance on interest rates as it works to curtail historically high overall price inflation. The latest CPI data for March 2024 shows an annualized inflation rate of 3.5%, down substantially from a high of 9.1% in June 2022. The Fed has repeatedly affirmed that its target inflation rate is 2%. Next Federal Reserve Meeting & announcement on interest rates is scheduled for May 1, 2024. The Financial Markets are uncertain on what’s ahead & whether we’ll see a “soft landing,” “hard landing” or no landing at all. Full report is here:

www.orlandorealtors.org

Just Rented! Affordable condo at Bona Vista in Altamonte Springs, FL! For more information, please visit http://www.JasonCraneRE.com

ORRA reports Inventory More than Doubling in its March 2024 State of the Market Report

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:

www.orlandorealtors.org

Look for me in Orlando Style Magazine’s edition of Orlando’s Five Star Realtors® coming out in April. The mountaineering often generates an interesting topic of discussion & they were excited to include a photo of me pursuing my passion outside of real estate. It’s such an honor to be recognized as a real estate professional.

I’ve sacrificed a lot while dedicating two decades of my life to building a successful career in an extremely competitive & demanding business. I’m proud of how hard I’ve worked & what I’ve accomplished; through extraordinary ups & downs & resilience in the face of adversity.

I will always be grateful to those who took a chance on me & gave me an opportunity just out of college with minimal experience, but full of ambition & an eagerness to learn. Thank you.

Just Rented! Renovated lake-front condo at Visconti West in Maitland! The new resident is very happy! For more information, please visit www.JasonCraneRE.com

Just Rented! 2627 Maitland Crossing Way in Orlando, FL! Multiple applications were submitted on this spacious 1/1 condo at Bella Terra Condominiums with several prospective residents still looking in the area. For more information, please visit www.JasonCraneRE.com

ORRA Reports Swelling Inventory in its February 2024 State of the Market Report

The Orlando Regional Realtor Association tracks real estate market activity for Central Florida. Data from January 2024 indicates a 34.4% year-over-year rise in total inventory & 30.9% increase in months of supply. Homes values remain at historical highs with a median home price of $360,000, although nearly flat at a 2.9% marginal rise year-over-year. Other metrics also nearly unchanged year-over-year including closed sales, pending listings, & average-days-on-market. Average mortgage rate was 6.51%, which is actually down from a recent high of 7.77% in October 2023. Interest rates are a critical factor to the health of the housing market & have an adverse effect on home affordability. In December, the Federal Reserve revealed the potential for a loosening of monetary policy & interest rate cuts in 2024 as part of its “soft landing” strategy for the US economy. However, Chairman Powell seems to have taken this off the table for now as overall inflation remains at 3.1%, above the Fed’s 2.0% target. Inflation has declined substantially from a CPI high of 9.1% in June 2022, which was a 40-year high. As home supply swells in 2024 & demand weakens from elevated mortgage rates, be on the lookout for housing market changes ahead.

Full report is here:

www.orlandorealtors.org

341 Largovista Drive, Oakland, FL 34787 – Listed For Sale -- Beautiful, spacious luxury home with serene pond view & located at the highly sought after John's Landing lake-front community on the edge of Oakland & Winter Garden. Nearly 4,000 sqft. of living space with open layout, formal dining, upstairs loft, laundry room, garden bath, 2 car garage, & so much more! Home backs up to a sizeable pond & has in-ground pool with screened enclosure. Interior has nice touches including utility sinks in laundry room & garage, kitchen island, soaring foyer, 2nd bedroom on ground floor & bathroom accessible directly from pool patio. Master suite is located upstairs along with the 3rd, 4th & 5th bedrooms & large loft. Johns Landing is gated, deed-restricted community. Major thoroughfares are conveniently located nearby including Florida Turnpike, Hwy 50/W Colonial, & SR-429 western beltway. Disney World theme parks are only 30 minutes south by highway. West Orange High School is only 10-15 minutes east. Other area attractions include the Oakland Nature Preserve, West Orange Cycling Trail, Plant Street Market, downtown Winter Garden, Tucker Ranch Recreation Complex & world class golfing at Stoneybrook West & Bella Collina. W Colonial Drive offers an abundance of dining, banking, supermarkets, big boxes stores, schools, libraries, post office, movie theater & more within 15 minutes' drive. House is Duke Energy & Town of Oakland water. Sold as-is, where-is. No Seller’s disclosures. Seller is making no warranties or representations of property condition. Room dimensions are approximate & should be independently verified. Proof of funds/pre-approval letter required with all offers. Buying party is responsible for verifying whether or not property condition will qualify for buyer’s specific loan program. HOA dues may be subject to change, special assessments & must be verified by buyer. Information deemed reliable, but not guaranteed. Parties are advised to verify.

Single Family Home
2 Stories
5 Bedrooms/3.5 Bathrooms
3980 sqft.
2 car garage
Built 2003
In-ground pool with Screened Enclosure
Beautiful pool view/frontage
HOA, deed-restricted community with mandatory assessments of $500 semi-annual
Includes selected kitchen appliances, ceiling fans, window treatments, & 2 utility sinks
Other features include stone countertops, walk-in closet, garden bath, kitchen island, laundry room, W/D hook-ups, 2nd floor loft, formal dining, bathroom accessible to pool, & landscaping upgrades
Broker’s Protected 2% Commission (Seller does not pay commissions on concessions or seller paid buyer’s closing costs)
Subject to REO special addendum, Foreign-entity affidavit & REO procedures
Offer Management Platform charges buyer’s agent $150 technology fee payable at closing.
MLS ID: o6182707
REO/Bank-owned status
No Seller’s Disclosures
Listing Courtesy of Jason Crane Real Estate, LLC
Jason Crane Real Estate, LLC is a licensed real estate brokerage in Florida.
5 min. Video Walk-through/Virtual Tour available
Listed for only $649,900

Pristine condo For Rent at the resort-style Bona Vista community in west Altamonte. Condo has undergone several recent upgrades & renovations including interior paint, light fixtures, bathroom upgrades, flooring & stainless steel appliances. Condo is located on the 2nd floor & has a screened balcony with storage closet. Turn-key move-in ready for immediate move-in! Bona Vista is loaded with amenities including community pool, whirlpool bath, fitness center, movie theater, clubhouse, playground, beach volleyball, racquetball court, car care center, & indoor basketball 1/2 court. Community is gated & has on-site community manager & management office. Buildings are Mediterranean-style architecture with Spanish-tiled roofing. Plenty of open parking. Bona Vista is conveniently located near west Altamonte’s major hub, intersection of SR-436 & SR-434, only walking distance from major retailers, schools, gyms, seat-in dining, fast food, department stores, bars/restaurants, pharmacy, & West Town Corners shopping mall. Other area attractions include Seminole State College, Altamonte Mall, Cranes Roost Park, Lake Lotus Park, Sanlando Park, Merrill Park, Seminole-Wekiva Trail, Wekiva Island and several major retailers including Walmart, Target, Home Depot, Winn-Dixie, Publix &Costco. Major roads in the immediate area incl. 3 I-4 ramps/exits, SR-434, SR-436 & 414/Maitland Blvd (with quick access to SR-429 western beltway.)

RENTAL COSTS & DETAILS:

Application fee of $100/adult over the age of 18, charged as part of the Condo Association Application Process
Prospective residents over age of 18 must pass a comprehensive screening & background check
Monthly rent $1229
Refundable Security Deposit $1500
There is no pet deposit. 1 small pet under 20 lbs. is allowed. Pet rent will be added in the amount of $50/month. Unfortunately, we cannot accept dogs.
Water/sewer/trash utilities are included.
Landlord will provide gate transponder, mailbox key, & amenity access card free-of-charge. Tenant will be responsible for replacement costs if lost or stolen.
For credit scores below 580, we reserve the right to charge a higher Security Deposit amount OR require first & last month’s rent
Minimum lease term is 12 months, as required by COA
Monthly Condo Assessments are NOT tenant’s responsibility & payable by owner. Grounds maintenance, amenities, parking & building exterior are managed by COA.
No “sight unseen” rental applications will be considered.
“Cost to Move-in” = Application fee + Security Deposit + first month’s rent either full month or pro-rated depending on date of move-in

CONDOMINIUM INFORMATION:

One Bedroom/One Bathroom
Located on 2nd Floor
Screened Balcony with Storage Closet
Washer & Dryer included
Stainless Steel Kitchen Appliances included: Refrigerator, Oven/Range, Dishwasher & Microwave
Condo features horizontal blinds, ceiling fans & ceramic tile flooring
574 Sqft.
Bedroom has walk-in closet
Complex built in 1997
Bona Vista has several community amenities including Pool, whirlpool bath, Fitness Center, Playground, Racquet Ball, ½ Court Indoor Basketball, Movie Theater, Clubhouse & On-Site Manager.
COA has rules & regulations regarding upkeep, decorations, behavior & use of community amenities.
MLS ID: o6179955
Broker’s Protected: $400 Lease Fee payable once Lease Agreement has been signed by all parties.
Available for immediate move-in
2-Minutes Video Walk-through or “Virtual Tour” available

Listing Courtesy of Jason Crane Real Estate, LLC, Lic. Real Estate Brokerage, Orlando, FL.

Just Sold! Congratulations to my clients, Mr. & Mrs. Hampton, on the purchase of this absolutely stunning home located at Riviera Bella in Debary! Thank you so much for the opportunity to help you find your perfect home! For more information about buying & selling, please visit www.JasonCraneRE.com

Lake-front condo with full view of Lake Shadow. Located at the stunning Visconti West conveniently in Maitland just off of the Maitland Blvd/414 Expressway. 2nd Floor condo underwent renovations in 2020 including all new carpet flooring with upgraded padding & interior paint. Property incl. washer/dryer with laundry closet. Kitchen appliances incl. refrigerator, oven/range, dishwasher & food disposal. Condo is a corner unit with screened balcony & lake-front views. HOA has tenant approval process with mandatory $100 application fee per adult or $100/married couple. Visconti has pet restrictions & due to past issues, owner will not permit pet dogs. HOA does charge nominal fees for gate bar code, extra amenity card & mailbox rekey, if applicable.

RENTAL COSTS & INFO –

Application Fee $100 per adult over 18 OR $100/married couple charged directly by FirstService Residential/Condo Owner’s Association

Prospective residents must pass a comprehensive screening & background check

Monthly Rent is $1329/month

Refundable Security Deposit of $1500

Pets are permitted, but unfortunately, no dogs are allowed by owner due past issues.

There is no pet deposit. Pet rent will be added $50/month to the base rent amount.

Water/sewer/valet trash services are included with the monthly rent.

Condo Owner’s Association (COA) charges $10 for a vehicle barcode or $50 for a gate transponder, payable per resident in addition to the application fee

Landlord will provide free-of-charge: Mailbox key, recreation/amenity pass, door key & gate access card. Tenant will be responsible for replacement if lost or stolen.

For credit scores below 600, we reserve the right to charge a higher Security Deposit amount OR require first & last month’s rent

Minimum lease term is 12 months, as required by COA

Monthly Condo Assessments are NOT tenant’s responsibility & payable by owner. Grounds maintenance, amenities, parking & building exterior are managed by COA.

No “sight unseen” rental applications will be considered.

“Cost to Move-in” = Application fee + Security Deposit + Vehicle gate access barcode or gate transponder fee + first month’s rent either full month or pro-rated depending on date of move-in

CONDOMINIUM DETAILS –

One bedroom/One bathroom

Located on 2nd floor, there are no elevators

Screened Balcony

Washer/Dryer incl.

Kitchen applications included except for microwave

Condo has blinds & ceiling fans in all living areas

707 sqft with Kitchen, Pantry/Laundry closet, Living Room, Bathroom & Master Bedroom with walk-in closet

Visconti West constructed in 2000

Available for immediate move-in

Community is gated & has several amenities including Pool, Fitness Center, Clubhouse, Playground, Gazebo & more

COA has standard rules & regulations regarding upkeep, decorations, behavior & use of amenities

MLS ID: o6176436

Broker’s Protected: $400 Lease Agent Fee payable once lease has been signed

Listed by Broker & courtesy of Jason Crane Real Estate, LLC in Orlando, Florida. www.JasonCraneRE.com

ORRA Reports Rising Inventory & Declining Sales in its December 2023 State of the Market

As expected, the annual holiday season is a time for joy, peace, family, bustling air travel and a slowdown in housing. But something was different this year -- elevated interest rates are significantly impacting home demand. Data based on December 2023 sales for Central Florida, showed 23% year-over-year increase in total inventory with 11% decrease in closed sales during the same period. Fortunately for homeowners, values are staying resilient. An all-time high median home value of $370,500 in 2023 was up slightly 1.5% over the $365,000 median value recorded in 2022, albeit flattening out over the long-term. The average mortgage rate peaked at 7.8% in Oct. 2023, a record-high, but receded in Nov/Dec closing-out the year at 6.6%. Notably, months’-supply-of-inventory spiked by +39% year-over-year, an indicator of lower inventory absorption. Bottom line, supply & demand look to be re-balancing & the future of interest rates will determine the future of the housing market. Financial markets rallied last month after the Federal Reserve hinted at interest rate cuts in 2024, but inflation remains “hot” in some sectors of the US economy. The next Fed decision on interest rates is scheduled for February 1, 2024. Full report here:

www.orlandorealtors.org

Just Sold! Closing-out 2023 with the sale of 8813 Villa View Cir Unit 203, Orlando 32821! Our office received multiple offers on this Disney-area condo with a number of buyers still searching. For more info. about buying or selling, please visit http://www.JasonCraneRE.com

3rd floor Condo available For Lease by Broker located at Bella Terra Condos near Maitland Crossing intersection of Maitland Blvd & SR-434 -- Maitland/Altamonte Springs/Orlando.
1 Bedroom/1 Bathroom, Built 2000, & 672 sqft of living space
Recently renovated (2021) with all new flooring, baseboards, new light fixtures, brand new A/C system & recently painted
Condo is in great condition
Includes washer & dryer
Condo is located on top floor with no above neighbors & features vaulted ceilings
Kitchen appliances incl. refrigerators, oven/range, dishwasher & disposal. Other features incl. walk-in closet, laundry closet, pantry, spacious screened balcony & outside storage closet
Bella Terra amenities include community pool, fitness center, clubhouse, playground, gated entrance, & on-site manager. Valet trash service included
As of 2022, Bella Terra condos were freshly painted & have new roofs
Bella Terra is located at Maitland Crossing near the intersection of 414/Maitland Blvd & SR-434. Within minutes are RDV Sportsplex, Seminole State College Altamonte Campus, Lake Lotus Park, Seminole Wekiva Trail, Publix at Gateway Crossing, Walmart at West Town Corners, Target, Winn-Dixie, Costco, Home Depot, Lowe's Home Improvement & an abundance of other local restaurants, big box stores, & other businesses
Major roads in the immediate vicinity include SR-434, Hwy 441, Maitland Blvd/414, SR-436 & quick access to I-4 Maitland Interchange & SR-429
Bella Terra Condo Association has a tenant screening/approval process
All residents must submit to a 50-state background & credit check
Rental Application is required for all adults living on the premises over the age of 18 & app fee is $75/adult
Security Deposit is $1500 (refundable)
Monthly lease amount is $1239/month, minimum 12-months lease
Water/sewer/valet trash are included with the monthly lease amount. Tenants are responsible for electric, cable, internet & home phone, if applicable
Unfortunately, no dogs are permitted in the lease agreement for this unit. 1 small pet allowed at $50/month. No pet deposit will be required. Any pet damages, if applicable, will be subject to the Security Deposit
Please note, condo is located on 3rd floor & there are no elevators
MLS Number o5993752
Broker’s protected: $400 Lease Fee. Broker must show interior to receive compensation
Listing Courtesy of Jason Crane Real Estate, LLC

Orlando Housing Market Remains Resilient Amidst Historically High Mortgage Rates

Orlando Regional Realtor ® Association’s State of the Market Report for sales data from October 2023 reveals a resilient housing market amidst record high mortgage rates. Despite a substantial rise in inventory & slowing sales, home values were up 3.3% year-over-year from October 2022 to October 2023. Total inventory up 9.6% year-over-year with months supply of inventory at 3.2 months, a 22% increase. Experts consider 6-months supply as a balanced inventory. As home affordability has declined during the past 18 months, condo & townhome sales have surged, doubling during the same timeframe.

Avg. mortgage rate in October was 7.77%, a 22-year high. A heated debate remains on whether or not the Federal Reserve has finished raising interest rates to combat record high inflation with the next announcement is scheduled for December 13, 2023. October’s annual inflation rate was 3.2%, ~2/3 lower than the 40-year high annual inflation rate of 9.1% in June 2022. The Fed has stated that it remains steadfast on a target rate of 2%. Full report available here:

www.orlandorealtors.org

Just Sold! 2520 Citrus Club Ln, Orlando, FL 32839! We received an overwhelming amount of offers on this property with many buyers still looking for homes in in the Oak Ridge region of Orlando. Please visit www.JasonCraneRE.com for more info about buying or selling real estate.

ORRA Reports September Housing Market Nearly Unchanged During Past 12 Months

Orlando Regional Realtor ® Association’s State of the Market Report for sales data from September 2023 reveals the market generally unchanged. Year-over-year, inventory is nearly flat with nominal change of -1.8%, median value up 1.4%, & closed sales down modestly at -5.9%. Distressed sales, comprised of REO/short sale, remain negligible at less than 1% of all sales.

Home values reached a slight peak in June 2023, but appear developing a plateau (or flatting-out) in the range of $365k-$385k, dating back to September 2022. Looking in the rearview mirror at the 10-year trend, Orlando home values have skyrocketed over 130% from a median value of only $156,000 in Sept. 2013 to $370,000 last month. Currently, the biggest headwind to high-flying home values are the historically high mortgage rates, attaining an average rate of 7.3% in September, the highest rate since 2002. The Federal Reserve established a position of “higher (rates) for longer” this summer in its effort to combat 40-year record levels of inflation. As mortgage rates rise, cost of borrowing rises as well, thus curtailing home affordability. Although the annual inflation rate has declined substantially since its high in June 2022, the fate of the housing market will remain at the mercy of monthly inflation data & in turn, the Fed’s management of interest rates. Full report is available for you here:

www.orlandorealtors.org

New improved price! 8813 Villa View Cir in Orlando/Disney-area has a new LP of $184,900. 1/1 condo, 765 sqft, built 2002, 2nd floor unit, balcony & features a number of community amenities. Located adjacent to Disney World Theme Parks & Resorts on the edge of Orlando & Lake Buena Vista. MLS ID: o6141953. This property is bank-owned/REO & subject to REO procedures & special bank addendum. Mandatory condo association with required monthly assessments. Jason Crane Real Estate, LLC is a licensed Real Estate Brokerage in Florida. More info. on www.JasonCraneRE.com

September 2023 "State of the Market:" ORRA reports Fall Season begins with Housing Market Slowdown

Orlando Regional Realtor ® Association’s September State of the Market Report for sales data from August 2023 reveals evidence of an overall slowdown of the housing market with median home value for Central Florida down for 2nd month in-a-row along with a rise in inventory & decline in closed sales. Year-over-year from August 2022 to 2023, median home value is flat at a slight increase of 0.7% & closed sales down 16%. During the same period, average days-on-market is up 51.9% & months’-supply-of-inventory up 7.7%.

Although US inflation rate has declined substantially from its June 2022 high of 9.1% to 3.7% in August 2023, the Federal Reserve remains steadfast to maintaining elevated interest rates in pursuit of its 2% target annual inflation rate (that is 45% lower than where we are now.) For August 2023, the avg. mortgage rate was 6.58%, up sharply from 2.84% just 24 months ago. As interest rates rise, cost of borrowing rises with it & has an inverse effect on home affordability. Further market slowdown seems inevitable until this cycle of tightening monetary policy plays itself out heading into 2024. However, contrary to the major historical events of the past, the evolution of this housing market cycle is unfolding at a slower pace as reflected by the monthly sales data. The housing shortage & overall lack of inventory appears to be buoyancy against a hostile interest rate environment & only time will tell how long the market can stay afloat.

Full report is available for you here:

www.orlandorealtors.org