Northeast Florida’s housing market showed continued price growth in May as sales activity moderated and inventory shifted, according to the Northeast Florida Association of Realtors.
Local News– Northeast Florida’s housing market showed continued price growth in May as sales activity moderated and inventory shifted, according to the Northeast Florida Association of Realtors.
The median price for single-family homes across the six-county region rose 5.1% from April to $410,000. Closed sales increased 2.9% month-to-month to 1,969, and homes spent a median of 31 days on the market, down 8.8% from April. Pending sales and new listings remained below year-ago levels, and active inventory totaled 7,109 homes, a 3.6-month supply. The Home Affordability Index fell to 81.
“May’s data highlights a market that is adjusting to a more sustainable pace. Inventory growth is creating additional opportunities for buyers, while strong consumer interest continues to support home values and sales activity,” said Kim Knapp, president of NEFAR. Median single-family price was $340,000. Homes spent a median of 28 days on the market, down 6.7% from April.
There were 926 closed sales , 665 pending sales and 1,348 new listings . Active inventory was 3,388 homes, a 3.7-month supply. The Home Affordability Index remained at 98. Median price slipped 1.4% to $359,900.
Homes spent a median of 30 days on the market. Closed sales totaled 297 , with 205 pending sales. New listings rose 3.4% to 423. Active inventory was 1,049 homes, a 3.5-month supply.
The affordability index was 92. Median price decreased 1.2% to $580,000. Median days on market rose 6.3% to 34. Closed sales jumped 14.5% to 576, with 361 pending sales.
There were 677 new listings and 1,856 active listings, a 3.2-month supply. The affordability index fell to 57. Median price fell 3.5% to $279,000. Median days on market increased 48.1% to 77.
There were 34 closed sales and 32 pending sales. New listings declined 8.7% to 63. Active inventory was 244 homes, a 7.2-month supply. The affordability index rose to 119.5.
Median price rose 3.6% to $480,000. Median days on market fell 27.3% to 40. Closed sales increased 9.0% to 121 and pending sales rose 1.9% to 107. New listings jumped 22.1% to 182.
Active inventory was 491 homes, a 4.1-month supply. The affordability index fell to 70. Median price surged 67.9% to $455,000. Homes spent a median of 22 days on the market, up 15.8%.
There were 15 closed sales, 14 pending sales and 27 new listings. Active inventory was 81 homes, a 5.4-month supply. The affordability index fell to 73. 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.
An index of 100 means a median-income family has the exact income needed to buy a median-priced existing home; values above 100 indicate greater affordability, values below 100 indicate less. The Northeast Florida Association of Realtors, the region’s largest professional real estate association, represents more than 13,000 members and operates the Northeast Florida Multiple Listing ServiceHailing from Detroit, Jonathan is excited to start his media career at News4JAX in November 2023.
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