While there were more homes on the market in July than the month before, the Northeast Florida housing inventory is still 40.6% lower than it was in July 2020.
July 2021 had 4,668 units on the market in Northeast Florida, which encompasses Baker, Clay, Duval, Nassau, Putnam and St. Johns counties, according to the July 2021 Northeast Florida Association of Realtors report.
That equates to a 1.4-month supply, a historic low, the report said.
The median sales price climbed to its highest point at $303,600. It was at $249,000 in 2020.
Homes still are on the market for an average of 33 days, which is an even shorter time than the beginning of the year, when the average was 53 days.
“While the number of new listings increased compared to the same time last year, the continued demand for homes in Northeast Florida remained strong, bringing little relief to those still in the market to buy,” Missi Howell, president of the Northeast Florida Association of Realtors, said in a news release.
Homes continue to become more unaffordable for buyers. In June and July, the region’s affordability index was 118, meaning the median household income was 118% of what is necessary to qualify for the median-priced home under current interest rates.
That index was between 133 and 134 in 2019 and 2020. It was at 141 in January.
While 17.8% of homes sold above listing price in January 2021, 45.6% of homes sold for more than the asking price in July.
“The increase in sales prices is far outpacing wages, and with almost 50% of homes being sold over the sellers’ asking prices, first-time homebuyers continue to struggle with their dream of homeownership and move-up buyers hesitate to list their homes due to concerns of what will be available for them to buy,” Howell said.
So far this year, 22,319 home sales have closed. That already has outpaced total home sales in 2020 and 2019, which saw 19,129 and 18,903 closings, respectively.
Nationally, the inventory of homes for sale rose slightly as sellers sought to take advantage of high sales prices, according to the National Association of Realtors. However, the national inventory is still 18.8% lower than it was a year ago.
