While the median price of a single-family home hit a record high in Northeast Florida in June, the real estate market is showing signs of slowing, according the Northeast Florida Association of Realtors June sales research.
“Although the median price of single-family homes rose 1.3% over the region to $405,000, other factors indicate that the market has stabilized and that interest rates that hover around 7% may be finally catching up with buyers,” NEFAR said July 11 in a news release.
NEFAR reports monthly home sales in Baker, Clay, Duval, Nassau, Putnam and St. Johns counties.
Among the factors for slowing sales are more houses for sale and fewer closed and pending sales.
“The Northeast Florida real estate market is back to a stabilized level between sellers and buyers,” 2024 NEFAR President Rory Dubin said in the release.
“Days on market climbed by almost 2 weeks from last month to 39 days, pending sales dropped significantly as well as new listings. Months of supply is now up to 4 months as active inventory climbed towards 7,800 listings,” the release said.
The June active inventory of 7,764 homes is up 89.9% from a year ago,the highest it has been since 2019. It is up 17.2% from May.
Pending sales in June were 1,261, down 35.4% from May and down 32.6% from June. Closed sales of 1,807 dropped 10.8% from May and 14.7% from a year ago.
June’s median sale price of $405,000 is a market record, up 3,8% from a year ago. The previous record was $400,000 in July 2022.
The market’s Home Affordability Index in June stayed stable with a 63 ranking, the same as May. It is down 6% from a year ago when it was 67.
The index measures a buyer’s ability to afford a median-priced home. A higher index number denotes greater affordability. The goal is an index of 100 or higher.
June median home sale prices by county and the change from May.
Baker: $400,000, up 32.2%. There were 13 closed sales in Baker, down 27.8% from May and 43.5% from a year ago Because of its low sales volume, percentage changes can have larger swings in that county.
Clay: $360,000, down 0.5%. Closed sales of 257 were down 2.7% from May and 22.8% from a year ago.
Duval: $340,900, down 1.2%. The 913 closed sales were down 12.6% from May and 17.2% from a year ago.
Nassau: $475,000, up 13.4%. The 113 closed sales were down 18.7% from May and 10.3% from a year ago.
Putnam: $271,000, up 4.2%. Closed sales of 38 were up 2.7% from May and down 32.1% from a year ago.
St. Johns: $579,900, up 2.6%. Closed sales of 573 were down 9.6% from May and 3.7% from a year ago.
St. Johns continues to be the market’s most expensive. Its numbers have fluctuated in 2024 from as low as $492,500 in February and reaching $584,900 in April. Several home sales above $1 million in the Ponte Vedra Beach area affect those numbers.