The median price of a single-family home remained stable in July while the inventory of homes for sale rose 11.3%, according to the Northeast Florida Association of Realtors.
NEFAR supplies monthly home sales data for Baker, Clay, Duval, Nassau, Putnam and St. Johns counties.
The July median price of $394,000 rose 1.1% over June but was down 1.5% from the same month a year ago. The record was $403,000 in May 2024.
There is now a 4.8-month supply of homes in the region, with the active inventory growing 0.8% from 8,808 to 8,882 homes It is the highest inventory in at least five years.
Closed sales dropped 9.4% to 1,849, compared with 2,041 in June. Pending sales fell 28.9% last month.
NEFAR said the steady rise in available homes provides buyers more choices and negotiating leverage.
“Buyers who were unsuccessful in buying a home during the strong seller’s market of the COVID years have been begging for a market shift towards these exact conditions,” NEFAR President Mario Gonzalez said in the monthly news release about the sales data.
The Home Affordability Index remained steady at 66. The closer the index is to 100, the more able an average family is to afford to buy a house. That is based on interest rates, median income and median home prices.
NEFAR’s June breakdown by county
Baker: The median price rose 2.7% to $314.495. Closed sales increased from 19 in June to 20 in July. Active inventory slipped 11.1% to 72. The months supply is 3.6.
Clay: The median price rose 1.2% to $369,485. Closed sales were down by 12.4% to 261. Active inventory increased 1.3% to 1,181. The months supply is 4.5.
Duval: The median price rose 0.3% to $329,000. Closed sales fell 8.5% to 947. Active inventory rose 1.6% to 4,243. The months supply is steady at 4.5.
Nassau: The median price rose by 2% to $464,000. Closed sales were down 16.3% to 113. Active inventory decreased by 6.1% to 539. The months supply is 4.8.
Putnam: The median price was up by 2.3% to $257,500. Closed sales fell by 13% to 40. Active inventory rose 1.4% to 298. The months supply is 7.4.
St. Johns: The median price increased by 2.1% to $592,000. Closed sales dropped 7.7% to 468. Active inventory increased 1.3% to 2,549. The months supply is 5.4.
Permitting increases to start third quarter
The Northeast Florida Builders Association reported 777 permits for single-family homes in July, up 7.9% from 720 in June but 19.1% lower than the 960 of a year ago.
Since January, NEFBA says 5,442 permits have been issued, down 32% from 8,005 of the same period a year ago.