The price of a single-family home in Northeast Florida rose 2.8% in April to a median price of $370,000, according to the Northeast Florida Association of Realtors.
Median home prices in the region have fallen 7.65% since peaking in July at $399,450. Home prices are 2.4% lower than in April 2022.
NEFAR’s April report said the number of closings, pending sales and new listings all dropped.
• There were 1,757 closings in April, down from 2,175 in March.
• There were 2,097 pending sales, down from 2,176.
• There were 2,950 new listings, down from 2,980 in March.
NEFAR tracks home sales in Baker, Clay, Duval, Nassau, Putnam and St. Johns counties.
While prices have slipped amid higher mortgage rates, the number of homes on the market is up 121% from a year ago, to 4,667 homes. Still, the number of homes available has not yet recovered to prepandemic levels. In April 2019, there were 5,608 homes available.
The average rate on a 30-year fixed-rate mortgage is 6.35%, according to the Federal Reserve.
“The fluctuating interest rate has put some buyers and sellers on pause, however, there are still buyers who are choosing homeownership. This is reflected in a low month’s supply of inventory, which has contributed to moving the median sales price up,” said NEFAR President Diana Galavis in a news release.
The Home Affordability Index fell to 74 in April from 76 in March.
The 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.
The goal is an index of 100 or above, according to NEFAR.
“Factors such as inflation, rising interest rates, and the cost of goods and services play a role in home affordability,” Galavis said.
St. Johns County remained the market leader in April with a median home price of $555,000.
Much of that number reflects the median prices of home sales in Ponte Vedra, Ponte Vedra Beach, Vilano Beach and Nocatee, where the median price is $899,000.
The median price for a single-family home was $285,000 in Baker County; $336,743 in Clay; $325,000 in Duval; $408,000 in Nassau; and $228,000 in Putnam.