For the first time ever, the typical home in Northeast Florida costs more than $400,000.

The median price of a home sold in May hit $400,203, according to new data from the Northeast Florida Association of Realtors. The price rose 0.3% from the month before and 3.1% from May 2023.

Still, the local housing market seems subdued at a time when it usually would be gaining steam, the Realtors association said this week.

“Have buyers finally had enough of the crazy high housing market?” the group asked in a news release. “At a time when one would expect to see the market showing signs of an approaching busy summer season, the numbers present a different story.”

The number of closed sales in Northeast Florida increased 7% in May, to 2,060, but it was down 3.5% from the same time last year. More homes were hitting the market and sitting there longer, and the number of pending sales declined, the Realtors association said.

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The median number of days on the market increased to 34, up 13.3% from April to May and 3% over the past year. The number of homes on the market rose 21% to 7,586, which was 96.9% higher than May 2023, when buyers had a tougher time finding home.

The Realtors group said the market seems to be returning to a more traditional situation, with more choices for buyers. But high mortgage rates have discouraged shoppers across the country. Many experts believe that rates peaked late last year, but they have not fallen as quickly as some would like.

The rate on a 30-year fixed mortgage averaged 6.89% last week, down slightly from the week before, according to NerdWallet, a personal finance website.