A report released by the Northeast Florida Association of Realtors came with equal doses of good news and bad news.
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The good news for home sellers: the “selling season” in Northeast Florida is underway and it even came a bit early this year., prices are up, active inventory is up, new listings are up, and so is the median number of days on the market.NEFAR’s Affordability Index found that housing became less affordable in St. Johns, Clay and Baker counties while it actually became more affordable to live in Nassau.
The Home Affordability 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. A higher number means greater affordability. This index measures affordability factors for all homebuyers making a 20% downpayment. An index of 100 is defined as the point where a median-income family has the exact amount of income needed to purchase a median-priced existing home.
In March, the Home Affordability Index in Duval County, for example, remained the same at 75, which is 10% less affordable than it was in March 2023.“The market is moving up in a positive direction each month,” NEFAR President Rory Dubin said. “March saw over a 20% increase in closed transactions despite a slight increase in the median price.
NEFAR said the median sales price for single-family homes in the region in March was $389,000, a 1% increase from February. Active inventory totaled 5,920 homes, a 3.2% increase over last month. Likewise, new listings tallied 3,580, a 6.7% increase. And the median number of days on the market stood at 33, up 3.1% from the month before., the March 2024 median price of single-family housing was $345,950, slightly less than a 1% drop from February 2024.
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