The median price of a single-family home in Northeast Florida fell 3.7% in August from July, the largest month-over-month decline since January 2020, according to a report from the Northeast Florida Association of Realtors.
The median price of $383,990 in the six-county region of Baker, Duval, Clay, Putnam, Nassau and St. Johns was up 0.4% from a year ago. In January 2020, home prices fell 4.2%.
Meanwhile, the number of homes on the market continues to climb. The active inventory of 7,713 homes was up 4% from July and up 84.3% from a year ago. It represents a 4.3-month supply, up 13% from July and 102.7% from a year ago.
Fewer homes are now coming on the market. New listings fell 6.5% from July to 3,097. The number of new listings is up 26.3% from a year ago.
“During the culmination of the summer months, we continue to see an equilibrium forming in our Northeast Florida marketplace, typically considered to be about 4-6 months’ supply of inventory,” NEFAR President Rory Dubin said in a Sept. 13 news release.
Closed sales dropped 8% from July to 1,777, off 9.1% from a year ago. Pending sales fell 30.6% to 1,295 from July and are down 91% from a year ago.
“Although closed and pending sales have decreased and inventory has increased, with the Fed predicted to enact several smaller rate cuts in their next several meetings, the trickle effect on mortgage rates should encourage buyers (and sellers) to be more active in the market,” Dubin said.
The Federal Reserve is expected to begin reducing interest rates at its Sept. 18 meeting, according to the CME FedWatch tool.
The average 30-year fixed mortgage rate dropped to 6.2% as of Sept. 12, down from a peak of 7.79% in May, according to FreddieMac.
The Home Affordability Index in Northeast Florida rose 6.2% to 69. The number has been increasing since May’s low of 63.
The affordability index, as explained by NEFAR, is “measuring 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.” A number of 100 or better is desired.
Baker: The median price rose 23.1% to $277,000. Closed sales climbed 114.3% to 15. Pending sales declined 16.7% to 10 and new listings dropped 24.1% to 22. Active inventory increased 4.5% to 69 homes, a 4.6-month supply. The Home Affordability Index was 96.
Duval: The median price fell 3.7% to $331,400. Closed sales fell 8.6% to 874. Pending sales decreased 33.1% to 640 and new listings rose 1.1% to 1,695. Active inventory increased 8.5% to 3,594 homes, a 4.1-month supply. The Home Affordability Index was 80.
Clay: The median price fell 3.3% to $355,000. Closed sales fell 14.9% to 228. Pending sales fell 31.9% to 169 and new listings declined 10.5% to 450. Active inventory rose 7% to 1,179, a 5.2-month supply. The Home Affordability Index rose to 75.
St. Johns: Median prices fell 5.2% to $560,000. Closed sales dropped 2.7% to 508. Pending sales sank 31.6% to 333 and new listings declined 18% to 669. Active inventory fell 2.6% to 2,133 homes, a 4.2-month supply. The Home Affordability Index was 48.
Putnam: The median price rose 15% to $241,495. Closed sales dropped 12% to 44. Pending sales decreased 15.6% to 38 and new listings rose 5.5% to 96. Active inventory increased 3.3% to 252. The Home Affordability Index was 110.5.
Nassau: The median price rose 8.3% to $476,200. Closed sales fell 15.6% to 108. Pending sales fell 9.5% to 105 and new listings decreased 16.2% to 165. Active inventory declined 3.8% to 486 homes, a 4.5 month supply. The Home Affordability Index was 56.