The median price of a single-family home remained steady in June while the inventory of homes for sale rose 4.1%, 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 June median price of $389,000 was unchanged from May, but down 4% from the same month a year ago. The record is $403,000 in May 2024.
There is now a 4.7-month supply of homes in the region, with the active inventory growing 4.1% from 8,778 to 9,135 homes. It is the highest inventory in at least five years.
Closed sales dropped 3.5% to 1,963, compared with 2,035 in May. Pending sales fell 34.2% last month.
“While it is a ‘balanced market’ the seemingly seismic shift from the sellers market during COVID has customers realizing that conditions are considerably more favorable for buyers these days,” said 2025 NEFAR President Mario Gonzalez in a July 11 news release.
The Home Affordability Index remained 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.
Homebuilding slows
The Northeast Florida Builders Association reported 720 permits for single-family homes in June, down 17.6% from 874 in May and off 37% from 1,140 a year ago.
In the first six month of 2025, NEFBA says 2,393 permits have been issued, down 36% from 3,766 a year ago.
In April, NEFBA executive officer Jessie Spradley said uncertainty in the building market has homebuilders hedging their bets.
President Trump has threatened tariffs on dozens of countries, including a 35% on Canada, set to take effect on Aug. 1.
“If the tariffs hold the prices are going to increase,” Spradley said.
The Canadian government says about 80% of U.S. softwood lumber imports, used in home construction, are from Canada.
NEFAR’s May breakdown by county
Baker: The median price rose 3.7% to $280,000. Closed sales increased 46.2% to 19. Active inventory slipped 11.6% to 84. The months supply is 4.4.
Clay: The median price dropped 1.1% to $365,000. Closed sales were up by 1.0% to 291. Active inventory increased 1.9% to 1,196. The months supply is 4.1.
Duval: The median price remained steady at $330,000. Closed sales fell 2.7% to 995. Active inventory rose 4.6% to 4,329. The months supply is steady at 4.4.
Nassau: The median price dropped 7.4% to $430,000. Closed sales were up 4.2% to 125. Active inventory increased by 2.4% to 566. The months supply is 4.5.
Putnam: The median price decreased by 5.1% to $250,250. Closed sales fell by 17.3% to 43. Active inventory rose 1.4% to 298. The months supply is 6.9.
St. Johns: The median price increased by 5% to $577,750. Closed sales dropped 9.1% to 490. Active inventory increased 5.4% to 2,662. The months supply is 5.4.