November Northeast Florida prices increased 4% from October, with the median price of a single-family residence at $390,280, according to the Northeast Florida Association of Realtors.
Median home prices are up 3.5% from November 2022, setting a record low for home affordability in the region.
The record median high was $395,000 in July.
NEFAR said homes continue to be expensive in Northeast Florida, with the region’s Home Affordability Index for single-family homes at 63, an all-time low, down 1.6% from October and 8.7% from November 2022.
By comparison, the index was 130 in November 2019.
The Housing Affordability Index measures whether a typical family earns enough to qualify for a mortgage on a typical home, based on current interest rates, median income and median home prices. A higher number means greater affordability.
While prices increased, closed sales fell 14.5% from October. They are down 4% from the same period a year ago.
Homes are staying on the market longer, with the median days on the market at 42, up 5% from October. They are down 4.5% from November 2022.
The active inventory of homes increased 7.8% from October and is up 17.4% from a year ago.
New listings fell 5.8% compared to increasing 27.1% a year ago.
There are 5,579 homes for sale in the active inventory, according to NEFAR.
NEFAR tracks the housing market in Baker, Clay, Duval, Nassau, Putnam and St. Johns counties.
“Not only were buyers pausing, so were sellers,” 2023 NEFAR President Diana Galavis said in a news release.
“New listings slid down slightly from the previous month. But if you compare year over year there are more new listings on the market in November 2023 than at the same time last year.”
The supply of inventory for November was four months, and Galavais said that was a significant increase from 3.2 months in October. “A stable market is six months’ worth of inventory. More available inventory on the market is good for buyers as they search for a home in North Florida.”
Pending sales fell 15.5% from October and were down 3.3% from November 2022.
“Watching pending sales slow for the month of November and higher median days on market showed a direct reflection of higher interest rates,” Galavis said.
“Buyers paused as the market was in high fluctuation.”
Duval: The median price of a single-family home was $334,075, up 5.1% from October.
Clay: The median price fell 0.7% to $355,243.
St. Johns: The median price decreased 5.6% to $510,000. The Home Affordability Index rose 6.7%, to 48, but St. Johns is the most expensive county to live in Northeast Florida.
Putnam: The median price was $230,000, a 1.7% drop from October.
Nassau: The median home price of $458,475 is a 13.9% increase from October.
Baker: The median home price of $294,990 is a 6.3% decrease from October.