Single-family home sales fell 17.7% in September as the inventory of available homes continues to build, according to a Northeast Florida Association of Realtors report.
NEFAR tracks home sales and trends in Duval, Baker, Clay, Nassau, Putnam and St. Johns counties.
The active inventory of 7,695 homes in September is up 4.2% from August and 74.1% from a year ago, when 4,421 homes were available.
While inventory is up and sales are down, the median price of $389,945 in September is up 1.8% from August and 2.6% from a year ago.
“Our market continued to see a significant decline in sales even as the average market price increased slightly from August,” said 2024 NEFAR President Rory Dubin in a news release Oct. 18.
The significant decline could continue. Pending sales in September fell 32.7% to 1,134 from August and are down 24.5% from a year ago. There were 1,526 closed sales in September.
While median prices rose, NEFAR says they are more affordable.
The Home Affordability Index in Northeast Florida rose to 70 compared with 69 in August and 66 a year ago.
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.
“The Home Affordability Index increased as well due to our area pricing being more competitive than any other major metropolitan area in the southeastern United States,” Dubin said.
There is now a five-month supply of homes, up 26% from last month and 94.6% from a year ago.
“Our area is an excellent location for home buyers and investors to purchase residential properties with inventory nearing 8,000 units. The monthly supply of inventory is now about 5 months, indicating that market equilibrium between buyers and sellers in Northeast Florida,” Dubin said.
While inventories are rising, it isn’t because of a surge of new listings. They are down 8.2% from August. The 2,835 new listings in September are up 22.4% from a year ago.
While the Northeast Florida numbers were down, the national numbers were up, according to Redfin.
Redfin reported pending sales rose 2.5% month over month as mortgage rates hit a two-year low and the Federal Reserve cut interest rates. It said rates have since ticked up.
However, Redfin reported plummeting sales in South Florida in September. In West Palm Beach, closed home sales dropped 23% year-over-year in September — the biggest decline among the 50 most populous U.S. metropolitan areas. Tampa fell 21.9%, Miami fell 19.8% and Fort Lauderdale 18.7%.
Here is how Northeast Florida counties fared in September:
Baker
The median price of single-family homes fell to $265,000, a 4.3% decrease from August. The median number of days on the market in September climbed to 57, a 52% increase from August. Month-to-month, closed sales dropped 40% to 9, pending sales declined 68.8% to 5 and new listings remained neutral at 22. Active inventory increased 6.2% to 69 homes, a 7.7-month supply. The Home Affordability Index was 103, a 7.3% increase from the previous month.
Clay
The median price rose 1.8% to $359,950. The median number of days on the market increased 13.7% to 54. Month-to-month, closed sales decreased 10.2% to 212, pending sales plummeted 30.2% to 164 and new listings declined 15.5% to 381. Active inventory for the county rose to 1,151 homes, a 2.5% increase from August 2024 and showed 5.4-month supply. The Home Affordability Index rose 1.3% to 76.
Duval
The median price of single-family housing was $334,750, a 0.3% increase from the month before. The median number of days on the market in September was 38, 9.5% less than in August. Month-to-month closed sales fell 18.2% to 753, pending sales decreased 34.9% to 553 and new listings fell 9.8% to 1,522 homes. Active inventory for the county increased 7.5% to 3,664 homes, a 4.9-month supply. In September, the Home Affordability Index was 82.
Nassau
The median price was $444,995, a 4.7% decrease from August 2024. The median days on the market rose 70.8% to 62. Month-to-month, closed sales dropped 15.5% to 98, pending sales dropped 23.3% to 92 and new listings increased 1.8% to 167. Active inventory declined 2.1% to 463 homes, a 4.7-month supply. The Home Affordability Index was 61.5, an increase of 7.9% from August.
Putnam
The median price climbed 2.9% to $250,000. A median of 54 days on the market reflected an 18.2% decrease in the amount of time it took for homes to sell from August. Month-to-month, closed sales dropped 17.8% to 37, pending sales decreased 26.7% to 33 and new listings decreased 16.8% to 79. Active inventory increased 4.5% to 257 homes. Putnam County’s Home Affordability Index registered at 110, unchanged from the month before. With a Home Affordability Index registering over 100, Putnam County remains the most affordable place to live in the region.
St. Johns
The median price decreased 1.3% to $550,000. The median days on the market increased 0.9% to 59. Month-to-month, closed sales dropped 20.1% to 417, pending sales sank 31.7% to 287 and new listings declined 0.7% to 664. Active inventory increased 0.9% to 2,091 homes, a five-month supply. The Home Affordability Index rose 4.2% to 50. St. Johns County remains the most expensive place to live in the region.