More inventory potentially hitting the market paired with stabilizing interest rates allows buyers some breathing room, NEFAR president says.
JACKSONVILLE, Fla. – According to Northeast Florida Association of Realtors data, the median price for a single-family home increased over $23,000 between January and December last year, with the median price ending the year at $384,750, down from its peak of $395,000 in July.
Home sales data in Baker, Clay, Duval, Nassau, Putnam, and St. Johns counties also showed a shift in the market as the median number of days a house was on the market fell from 57 days in January to 48 days in December.
Real estate agents say that as housing inventory increased, it took longer for buyers to close a deal.
Diana Galavis, the Northeast Florida Association of Realtors 2023 president, said, “More inventory potentially coming on the market allows for buyers to take a breather, especially with the interest rates being a little bit more stabilized to shop longer.”
NEFAR also expects home affordability to improve in 2024, as the Home Affordability Index has shown signs of improvement, rising to 67 out of 100 in December.
Rory Dubin, the 2024 NEFAR president, said, “It is showing positive signs, not year-over-year, but at least month-over-month when we’re looking at the trend line.” Most expect pending rate decreases to impact the market, with more homeowners willing to sell their existing homes, increasing the inventory available.
Source: Jacksonville Daily Record (01/26/24) Macdonald, Dan
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