The median price of a single-family home in Northeast Florida rose 0.5% in November to $392,000, its fourth-consecutive month increase, according to a report from the Northeast Florida Association of Realtors.
While prices are up, inventories continued to climb while sales volume is down in the market that comprises Duval, Baker, Clay, Nassau, Putnam and St. Johns counties.
The active inventory of homes rose for the 11th consecutive month to 7,645, up 7.5% from October and 67% from a year ago, when 4,578 homes were listed.
The market has a 5.5-month supply of homes, an increase from 4.5 in October.
The number of new listings slowed to 2,568, down 6.3% from October.
Closed sales fell 12.3% from October to 1,392, the sixth-consecutive month of decline. Closed sales are down 4.1% from a year ago.
The median days on the market rose to 53. By comparison, a year ago it was 44.
“The market nationally as well as in Northeast Florida typically slows in sales volume heading into the holiday cycle from Thanksgiving to year-end, which was shown in the changes for November,” NEFAR President Rory Dubin said in a Dec. 13 news release.
The Home Affordability Index worsened, falling to 66 in November, compared with 69 in October and September.
The 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 home buyers making a 20% down payment. 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.
“Interest rates remain volatile with unknown adjustments as we head into 2025,” Dubin said.
According to Freddie Mac, on Dec. 12 the U.S. weekly average rate for a 30-year fixed-rate mortgage was 6.6%. A year ago it was 6.95%.
“Investors, a major factor in our market, are hopeful for economic policy and rates with a new administration taking office in January,” Dubin said. “It remains to be seen how the typically stronger market in the first quarter will develop.”
Since September, 3,908 people have moved to Jacksonville from 10 cities, according to Redfin.com.
This breaks down to Miami, 871; New York City, 646; Washington, D.C., 541; Orlando, 444; Atlanta, 401; Los Angeles, 294; Seattle 217; Boston, 191; Chicago, 163; and San Diego, 140.
Here are the county-by-county sales:
Baker: The median home price of $330,000 fell 0.9% from October. The median days on the market rose 23.9% to 29. Closed sales rose to 14 and pending sales decreased by 40% to six. New listings increased to 35, up 75% from October. Active inventory rose 40% to 84 homes, a 6-month supply. The Home Affordability Index was 78.5, a 1.9% drop.
Clay: The median price was $377,500, a 7% increase from October. The median days on the market rose 50.5% to 73. Closed sales declined by 7.7% to 216, while pending sales dropped by 35.5% to 142. New listings fell by 6.3% to 341 homes, contributing to an 8.1% increase in active inventory to 1,131 properties, a 5.2-month supply. The Home Affordability Index dropped by 9.9% to 68.5.
Duval: The median price fell 2.2% to $326,000. The median days on the market rose 9.5% to 46. Closed sales fell 17% to 681 and pending sales dropped 20.9% to 574. New listings dropped 8.8% to 1,394. Active inventory rose 10.4% to 3,723, a 5.5-month supply. The Home Affordability Index decreased 1.3% to 79.
Nassau: The median price fell 3.3% to $461,750. Median days on the market rose 31.1% to 49. Closed sales fell 13.6% to 76. Pending sales rose 23.5% to 84 and new listings increased 11.9% to 160. Active inventory rose by 3.9% to 478 homes, a 6.3-month supply. The Home Affordability Index was unchanged at 56.
Putnam: Median prices rose 28.6% to $270,000. Median days on the market dropped 15.6% to 65 days. Closed sales fell 24.3% to 28 and pending sales decreased by 29.6% to 19. New listings decreased 13.4% to 58. Active inventory grew by 4.2% to 273 homes and the Home Affordability Index fell to from 123.5 to 96. Putnam is the most affordable home market in the region.
St. Johns: Median home prices fell 4.5% to $525,000. Median days on the market rose 2.3% to 67. Closed sales decreased 5% to 377 and pending sales dropped 19.7% to 278. New listings fell 6.3% to 580 while active inventory increased by 2.4% to 1,956, a 5.2-month supply. The Home Affordability Index was unchanged at 49. St. Johns continues to be the most expensive home market in the region.
With a few weeks to go in 2024, November’s 735 permits placed 2024 just 113 behind all of 2023.
The Northeast Florida Builder’s Association collects permit data from Duval, Clay, Nassau and St. Johns counties.
Last month Clay had 83, Duval, 356; Nassau, 47; and St. Johns 259.The 2023 total is 11,821 and through November the total permits for single family houses is 11,708.
The monthly permit average for 2024 is 1,064.