Considered a conventional seasonal slowdown, a dampening of volatility and a storm response, the variety of single-family housing sales that closed in November fell 26.7% from October and 43.9% from the earlier yr in Northeast Florida.
The Northeast Florida Association of Realtors stated there have been 1,367 closings in November in Baker, Clay, Duval, Nassau, Putnam and St. Johns counties.
That compares with 1,866 closings in October 2022 and a couple of,435 in November 2021.
NEFAR President Mark Rosener stated in a news launch that hurricanes Ian and Nicole interrupted the writing of contracts that usually would have closed in November.
Prices for single-family houses fell too, by 2% in November to a median $376,385.
The median worth — which means half bought for extra and half for much less — remains to be 8.2% larger than a yr in the past.
“November’s month-end statistics for the Northeast Florida real estate market provide more evidence of a normalizing market,” Rosener stated.
“Real estate is not only local but it is seasonal. The spring and summer months tend to be more active, while November and December are more subdued with folks focused on the holidays. Things begin to pick up in January and February.”
The falling costs and point out the standard seasonal slowdown in the housing market is underway, NEFAR stated in the discharge.
The slowdown comes as stock is constructing and costs are dropping, Rosener stated.
Inventory rose to five,503, up 1.5% over October’s 5,423. There are 130.5% extra houses available on the market now than in November 2021.
The market began the yr with 1,914 homes out there on the market.
The variety of days a home was available on the market elevated by 18.4% to 45 days. By distinction, throughout the sales frenzy in January, a home was available on the market for 21 days.
The Federal Reserve additionally has been growing rates of interest to chill inflation. The common 30-year mounted fee on a mortgage now averages 6.33%. A yr in the past, it was 3.11%.
The Housing Affordability Index rose some extent to 68.
The index measures whether or not a typical household earns sufficient to qualify for a mortgage on a typical home based mostly on rate of interest, mortgage charges, median earnings and median home costs.
The nearer the index is to 100 or larger the higher, in line with NEFAR.
When condos and city home sales are added to the single-family numbers, the median worth for the three home sorts mixed was $348,783, down 3.1% from October. The median worth was up 6.7% from a yr in the past.
The median days on marketplace for all three classes was 46 days.
Rosener sees the outcomes as proof of a much less unstable market.
“The median price activity reinforces the premise of a more stabilized market in Northeast Florida for now and also going into 2023.”
Around the area
Duval County: The median worth of a single-family home in November fell 2.1% to $325,000. The report stated the median variety of days available on the market elevated to 40, and stock rose 5.7% to 2,738 houses. The Housing Affordability Index was 79, a rise of two.6%.
Clay: The median worth elevated about half of a proportion level to $359,363. The median variety of days available on the market rose to 61 from 38 in October, and the provision elevated to 4.6 months from 3.2 months. The affordability index was 71, a 1.4% drop.
St. Johns: The most costly in the six-county market, the median worth dipped 4.3% to $529,990. There have been 298 pending sales in November, in contrast with 355 in October. The affordability index rose to 48 from 46.
Putnam: The median worth fell 2 p.c to $235,000. Active stock dropped to 173 from 183. The affordability index rose from 107 to 109.
Nassau: The median worth rose 2.5% to $417, 513. Inventory elevated from 381 to 390 with a 4.4-month provide. The affordability index fell from 63 to 61.5.
Baker: The median worth improve rose 32.7% to $364,900. There have been 106 houses available on the market in November in contrast with 84 in October. The affordability index dropped to 70 from 93.
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