September saw the fewest number of building permits issued for single-family homes since 2019, according to data provided by the Northeast Florida Builders Association.
The drop came as homebuyers saw a decline in mortgage rates. Sales of single-family homes fell in September, down 17.7% from August and down 11.4% from a year ago, according to the Northeast Florida Association of Realtors.
The data measures home permits issued in Clay, Duval, Nassau and St. Johns counties.
In September, 787 permits were issued in the Jacksonville metro area. Last year, there were 1,212.
In September 2019, 699 permits were issued. However, in the third quarter of 2019 there were 2,945 permits issued compared to the 2024 third-quarter total of 2,762.
The county-by-county breakdown saw Clay with 65, Duval, 275; Nassau, 111; and St. John, 336.
“Homebuilding is like a lot of industries. We don’t appreciate uncertainty,” said Jessie Spradley, NEFBA executive officer.
“So with the elections coming up and with questions about are interest rates going to continue to fall, I think you’re seeing buyers kind of sitting on the sideline waiting to see, can I get a better deal? The challenge for the builders right now is there’s no relief. The idea that the prices are going to drop is going to be difficult because there’s been no relief on the cost of supplies.”
With the presidential election looming, builders are telling Spradley that homebuyers are waiting to see what happens.
“When an election approaches, people tend to hold back on making those major purchases in life, just to see what the market does and what their investments are going to do.”