Northeast Florida home prices rise in June as inventory gives buyers more choices: NEFAR

JACKSONVILLE, Fla. – June’s housing market across Northeast Florida showed steady sales and more choices for buyers, with closed sales rising and inventory holding near a three- to four-month supply, according to data released Friday by the Northeast Florida Association of Realtors.

The regionwide median price for single-family homes rose 2.4 percent from May to $420,000 in June. Homes spent a median of 31 days on the market, down 8.8 percent from the previous month. There were 2,100 closed sales, up 3.3 percent from May, while pending sales fell to 1,301, a 32.5 percent decline. Active inventory totaled 7,216 homes, about a 3.4-month supply. The Home Affordability Index decreased to 79.

“Today’s market isn’t about panic or hype, it’s about opportunity. Buyers have more choices, sellers need strong strategies, and knowledgeable REALTORS® have never been more valuable,” Kim Knapp, president of the Northeast Florida Association of Realtors, said in the release. “A balanced market rewards preparation, expertise, and professionals who know how to guide clients with confidence.”

County highlights for June:

• Duval: Median single-family price $350,000; median days on market 25; 988 closed sales; active inventory 3,481, a 3.5-month supply.
• Clay: Median $368,140; median days on market 29; 317 closed sales; active inventory 1,063, a 3.4-month supply.
• St. Johns: Median $579,000; median days on market 34; 610 closed sales; active inventory 1,841, a 3-month supply.
• Putnam: Median $301,200; median days on market 44; 47 closed sales; active inventory 262, a 5.6-month supply.
• Nassau: Median $504,500; median days on market 49; 114 closed sales; active inventory 490, a 4.3-month supply.
• Baker: Median $339,975; median days on market 48; 24 closed sales; active inventory 79, a 3.3-month supply.

NEFAR’s Home Affordability Index — which measures whether a typical family earns enough to qualify for a mortgage on a median-priced existing home, assuming a 20 percent down payment — fell regionwide to 79 in June (an index of 100 means a median-income family has exactly the income needed to buy a median-priced home).

Compared with May: The May regional median was at $410,000, active inventory at 7,109 homes and a Home Affordability Index of 81. In June, NEFAR’s numbers show the median rose to $420,000, active inventory edged up to 7,216 and affordability slipped further.