The median price of a single-family home in Northeast Florida dropped 3% in August to $383,000 compared with $395,000 in July, according to the Northeast Florida Association of Realtors.
NEFAR tracks home sales in Baker, Clay, Duval, Nassau, Putnam and St. Johns counties.
Pending sales in August slowed to 1,787 compared with 1,999 in July, a 10.6% drop, NEFAR’s August report said.
There were 1,878 closings in August, an increase of less than 1% from 1,867 in July.
Active inventory in August was 5,012 compared with 4,518 in July, a 10.9% increase, resulting in a 2.7-month supply of houses to sell.
“The real estate market is fluctuating. Interest rates, inflation, and changing labor markets are factors,” said Diana Galavis, 2023 NEFAR president, in a news release.
The Home Affordability Index showed a slight gain in August, moving from 65 to 66, but was still more than 30 points below the goal of 100 or above.
The index measures whether a typical family earns enough to qualify for a mortgage on a home, based on current interest rates, median income and median home prices. It also calculates a 20% down payment.