The inventory, months supply and days on the market for single-family homes in Northeast Florida all rose in October – along with median prices.
The median price of $395,000, rose 1.5% from September and 4% from a year ago, according to a Nov. 15 report by Northeast Florida Association of Realtors.
NEFAR tracks home sales and trends Baker, Clay, Duval, Nassau, Putnam and St. Johns counties.
While the median price rose, the number of closed sales fell 3.9% from September and 7.2% year-over-year. It is the fifth consecutive month of declining closed sales.
The active inventory of 7,839 homes rose 10.7% from September and 73.9% year-over-year. It is the 10th consecutive month the inventory has increased.
The median days on the market is 49 days, up 16.7% from September and up 14% from October 2023, when it was 43 days.
There were 5.2 months of inventory in October, up 15.2% from September and 87.5% from last year.
Of the homes that sold, they received 97.1% of the list price, down 0.1% from September and 0.4% from a year ago.
The home affordability index worsened to 68 from 70 in September.
The index measures the ability of the average buyer to afford a home in the market based on current interest rates, median income and median home prices. The closer to 100 on the index, the more affordable the market.
Here is how Northeast Florida counties fared in September:
Baker
The median price for a single-family home rose to $366,500, a 35.5% increase from September. Homes moved faster with the median days on the market dropping 50% to 26. Closed sales remained at 10, while pending sales increased 25% to 10, and new listings edged up 4.8% to 22. Active inventory was up 3.1% to 66 homes, providing a 6½-month supply. The Home Affordability Index fell 27.2% decline to 73.5, indicating reduced affordability.
Clay
The October 2024 median price dropped 2% to $352,850, while the median days on the market increased by 8.9% to 49. Closed sales rose 7% to 230, but pending sales fell 15.5% to 175. New listings climbed to 381, a 6.7% increase, supporting an active inventory increase of 7.9% to 1,140 properties, a 5-month supply. The Home Affordability Index remained steady at 76.
Duval
The median price went up 1% to $337,995. Home sales slowed, with the median days on the market rising 21.6% from September to 45 days. Closed sales fell 1.4% to 770, and pending sales fell 20.6% drop to 574. New listings rose 16.7% to 1,645, contributing to the 15.3% rise in active inventory, now at 3,804 homes – a 4.9-month supply. The Home Affordability Index was 79, a decrease of 3.7%.
Nassau
The median price was $485,000, a 7.8% increase from September. The median days on the market fell 18.8% to 39. Closed sales were down 17.0% to 83, while pending sales fell 33% to 67, and new listings dropped 7.9% to 151. Active inventory rose 4.4% to 477 homes, a 5.7-month supply. The Home Affordability Index decreased by 9.8% to 55.
Putnam
The median price dropped 1% to $217,500. The median days on the market jumped to 70 days, a 55.6% increase from September. Closed sales were down 10% to 36, and pending sales decreased by 37.5% to 20. New listings decreased 6.6% to 71. The active inventory grew by 11.5% to 281 homes. With a Home Affordability Index of 123.5, Putnam County is the most affordable place to live in the region.
St. Johns
The median prices increased 1.7% to $555,000. The median days on the market rose 26.3% to 75. Closed sales dropped 10.3% to 383, while pending sales fell 26.7% to 274. New listings rose 2.7% to 657, and active inventory increased by 6% to 2,071 homes, a 5.4-month supply. The Home Affordability Index fell 4% to 48. St. Johns is the most expensive place to live in the region.
Building permits on the rise
Single-family home permits made a leap from September’s year-low of 787 to 1,166 in October, according to the Northeast Florida Builders Association.
NEFBA tabulates permits issued from Clay, Duval, Nassau and St. Johns counties.
The increase places 2024 on a pace to beat the 2023 total of 11,821 permits issued. With two months to go, the 2024 numbers are at 10,973, just 848 behind 2023.
“With 10,973 permits issued in 2024, our area is roughly 7% ahead of 2023 permits,” NEFBA Executive Officer Jessie Spradley, said in an email.
“Builder confidence has been climbing since August, as reported by NAHB (National Association of Home Builders) Housing Market Index, with November seeing a 3 point jump to 46. With builder confidence growing I would expect to see permit numbers finish the year ahead of 2023.”
The October increase in total permits was expected, Spradley said.
“It is common to see a bump in permit numbers after a lower month. That being said, it was good to see permit numbers rebound after September, which was our lowest month since November 2022.”
The county-by-county breakdown in October: Clay, 200; Duval, 474; Nassau, 55; and St. Johns, 437.