A sign points to an open house in Fleming Island. | Randy Roguski, Jacksonville Today
Published on November 10, 2023 at 1:18 pm
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Homes in Northeast Florida are more unaffordable now than they’ve ever been, according to data released this week.
Fewer homes are selling; they’re sitting on the market longer; and prices remain high, the Northeast Florida Association of Realtors said in a news release.
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Many buyers are holding off until they see what happens with interest rates, stock investments and the real estate market, said the group’s president, Diana Galavis.
“One thing is for certain — homes have never been so expensive in Northeast Florida,” the Realtors group said.
The median price of a single-family home registered at $379,745 in October, almost unchanged from the month before in Baker, Clay, Duval, Nassau, Putnam and St. Johns counties, the Realtors data shows
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The region’s Housing Affordability Index hit an all-time low in October, meaning homes have never been more out of reach for a typical family, the Realtors group said
The index slid 4.5% to 63 in October. An index of 100 would mean that a family earning the median income could afford the median-priced home at current interest rates.
Sales typically slow as the holidays approach, but “this is by far the biggest seasonal slowdown seen at this time in many years,” the association said.
The number of sales that closed in October totaled 1,568 — 8.5% less than the month before and 17% lower than a year ago, the Realtors data shows.
Houses sat on the market for a median of 40 days, which was 8.1% longer than in September. Only 14% of sales closed for more than the list price, a dramatic contrast to the days when the market was red hot.
Even so, the Realtors group is reluctant to label this a buyers’ market. The region has 3.5 months worth of homes on the market — about half of what you would expect in a buyers’ market.
