NE Fla. Home Prices Dip After Months of Increases

he Northeast Florida Association of Realtors (NEFAR) says single-family home sales in June showed the first signs of stabilizing following constant monthly increases for more than a year. Reasons for the slowing sales? Inflation and rising mortgage rates. Putnam, Clay and Baker counties saw median home prices increase, while they declined by $28,050 in St. Johns and by $18,975 in Nassau counties. In Duval County, the median price rose by $673. Overall, the median price of a single-family home in Northeast Florida’s six-county region is at a record high of $400,000. Sellers received 100.6% of their asking price in June, though that’s down slightly from 101% in May. Asking prices fell slightly in Duval, Clay, St. Johns and Nassau counties. Active inventory, meanwhile, increased in all six counties, as did the month’s supply of homes for sale. For the first time this year, there is a three-month supply in Baker and Putnam counties. Mark Rosener, 2022 NEFAR president says sellers still have opportunities to make money, but prices need to be attractive to buyers. Sales fell 4.1% in June while pending sales dropped 13.2%, but NEFAR says sales of condominiums and townhouses increased by 46%. The future for newly constructed homes slowed down a bit too, as the number of single-family building permits declined for the third consecutive month. Data from the Northeast Florida Builders Association (NEFBA) revealed that Duval, Clay, Nassau and St. Johns counties issued 1,193 permits in June, down from 1,195 in May and 1,208 in April. Despite the declines in permits, however, 2022 continues to be an active year, with numbers 31% higher than in 2020, notes NEFBA Executive Officer Jessie Spradley. SOURCE: Jacksonville Daily Record (07/22/22) Macdonald, Dan