Drew Dixon
Single-family home prices and the number of home sales dropped across the six-county First Coast region in August, prompting analysts to conclude the situation is shifting towards a buyer’s market.
That’s according to the latest figures released by the Northeast Florida Association of Realtors (NEFAR). The median sale price for single-family homes in the combined North Florida region fell from $398,940 in July to $383,990 in August, which is a 3.7% monthly decline. The year-over-year comparison showed a slight increase, though, with a 0.4% increase from the August 2023 sales price of $382,450.
The number of closed single-family housing sales dropped, however. In August, there were 1,777 houses that were sold across the First Coast. That’s down from July’s figure of 1,931, an 8% decline. Year-over-year comparisons showed a 9.1% decrease in closed sales, down from the 1,954 single-family homes sold in August 2023.
Meanwhile, the inventory of homes on the market has gone up significantly in the past year. There were 7,713 single-family homes for sale in August in Northeast Florida, up by 4% compared to July. But that figure is a whopping 84.3% jump from August 2023, when there were 4,185 homes for sale in the First Coast region.
NEFAR President Rory Dubin said a housing market correction is underway on the First Coast. But he expects developments to energize closed sales soon.
“Although closed and pending sales have decreased and inventory has increased, with the Fed predicted to enact several smaller rate cuts in their next several meetings, the trickle effect on mortgage rates should encourage buyers (and sellers) to be more active in the market,” Dubin said.
The Northeast Florida single-family housing sales figures cut against the most recent trend seen in South Florida, which saw notable increases in single-family home sales last month, according to the “Elliman Report.”
Nassau County was the Northeast Florida county with the most significant drop in home sales in August. Closed home sales in Nassau fell by 15.6% from July, to 108 in August. But he median price of a single-family home increased by 8.3% in August, to $476,200.
Clay County also saw a notable drop in closed sales, falling by 14.9% in August from July, to 228. The median price for a home in Clay also fell by 3.3%, to $355,000.
Duval County, home to Jacksonville and the First Coast’s most populous area, saw closed home sales drop by 8.6% from July to August, with 874 closings. The median price for a single-family home fell by 3.7% from July to August’s figure of $331,400.
St. Johns County, home to tourism-rich St. Augustine and Ponte Vedra Beach, also saw a drop in closed sales, falling by 2.7% from July to August’s figure of 508. The median home sales price also decreased by 5.2%, falling to $560,000.
Putnam County closed home sales dropped by 12% from July to the August number of 44. Median home sale prices increased in Putnam, though, with a monthly jump of 15% to $241,495 in August.
Baker County, the First Coast’s most rural county, was the only county with an increase in closed sales going up, jumping by 114.3% to 15 total in August. The median price for a home in Baker also increased month-over-month with a jump of 23.1% to $277,000 in August.
