NEFAR: Regional housing market sees slower sales as higher interest rates take hold

As inventory increases, longer days on the market and a lower percentage of the asking price received in sales could indicate a shift toward a buyer’s market, according to the September report from the Northeast Florida Association of Realtors.

In the six-county region, the median sales price in September of single-family homes was $379,500, close to August’s figure. The median number of days on the market for single-family homes was 38 days, a 22% increase from August. Closed sales dropped 14.8% to 1,663, and pending sales fell 10.4% to 1,579, a press release said.

“Pending sales were down from last month, which is a direct reflection of an increase of interest rates,” NEFAR President Diana Galavis said.

As for individual county single-family home stats for September:

  • In Duval County, the median price was $330,000, a negligible change from August. Month-to-month, closed sales fell 13.5% to 857. Active inventory for the county rose 13.5% to 2,314 homes, a 2.7-month supply.
  • In Clay County, the median price dropped 2.9%, to $358,710. Month-to-month, closed sales fell 17.1% to 247. Active inventory rose to 682 homes, a 7.6% increase from August.
  • In St. Johns County, the median price decreased 2.5% to $536,493. Month-to-month, closed sales fell 12.1% to 393. Active inventory rose to 1,642 homes, an increase of 8.7% from August and 4.2-month supply.
  • In Putnam County, the median price was $255,000, a 21.7% hike from August. Month-to-month, closed sales fell 24.1% to 41. There was an 8% increase in active inventory to 175 homes.
  • In Nassau County, the median price was $395,000, a 6.2% decrease from August. Month-to-month, closed sales fell 26.2 % to 107. Active inventory increased 8.2% to 356 homes, a 3.3-months’ supply.
  • In Baker County, the median price of single-family homes decreased to $275,000. Month to month, closed sales climbed 12.5% to 18. Active inventory climbed 38.6 % to 61 homes, a 3.4-month supply.

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