Published on March 13, 2023 at 11:06 am
Maybe this isn’t such a bad time to buy a house after all.
Homes sales rose last month in Northeast Florida, a rare occurrence at this time of year, according to the Northeast Florida Association of Realtors.
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The increase indicates that the housing market is “alive and well” despite high prices and a relative shortage of homes on the market, the Realtors association said.
The number of closed sales rose 28% from January, the Realtors reported. The median sales price remain unchanged at $360,000
A total of 4,811 homes were on the market in February in Baker, Clay, Duval, Nassau, Putnam and St. Johns counties, the Realtors association said. That was 2% more than January but 175% more than this time last year.
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“With more ‘fish in the sea’ and increased active inventory, more homes were going under contract” last month, Diana Galavis, president of the Realtors association, said in a news release. “This is a reflection that buyers are comfortable with the fluctuating market and were ready to make a move in securing real estate.”
Still, many buyers had trouble finding a home. The market had just over three months of homes available, which is significantly higher than last year but 21% lower than January. Six months’ inventory would be considered a stable market.
“More buyers were in market than there was available inventory to purchase,” Galavis said. “Factors such as building supply, construction, job transfers and relocations played a role.”
Also, homes remain unaffordable for many people. The region’s home affordability index, at 76, was 22% lower than February 2022, partly the result of rising interest rates.
A higher index means homes are more affordable. An index of 100 would indicate that the average family has exactly enough income to qualify for a mortgage.
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