Homebuyers are finding more choices in Northeast Florida, but the homes are becoming more unaffordable, according to data released Tuesday.
The number of single-family homes on the market increased 6% in April to 2,724 homes, a bit of good news for buyers frustrated by a lack of choices, according to the Northeast Florida Association of Realtors.
"Northeast Florida is still experiencing a strong market for sellers although buyers are beginning to see slightly more inventory to choose from,” said the group's president, Mark Rosener. "Obviously, inventory is still below last year’s levels, but the region is beginning to see some progress with more homes becoming available for sale,”
The number of homes for sale is nearly 20% less than a year ago, and homes are selling at a lightning pace — a median of 13 days across Duval, Clay, Nassau, Putnam and St. Johns counties, the Realtors association said.
Prices are rising more slowly, but higher mortgage rates are making homes harder to afford, Rosener said.
Rates for a 30-year fixed mortgage jumped to 5.27% last week, compared with 2.96% a year ago, according to Freddie Mac, a government-sponsored mortgage agency.
The Home Affordability Index for Northeast Florida dropped from 84 in March to 82 in April, the Realtors association said. That means a family earning the median income makes only 82% of the amount needed to buy a median-priced home.
The least-affordable county was St. Johns, with a 55 index.
But Realtors see positive news in median prices, which rose a modest 2.3% for a single-family home in April — to $380,000. Some counties even saw prices slide, but buyers remain at a disadvantage, with virtually all sellers getting at least their asking price.
In individual counties:
DUVAL
Median price: $340,000, up 3%.
Median days on the market: 12.
Sales above the asking price: 42.9%.
CLAY
Median price: $358,495, up 3.9%.
Median days on the market: 13.
Sales above the asking price: 45.6%.
NASSAU
Median price: $386,250, down 1%.
Median days on the market: 8.
Sales above the asking price: 32.5%.
PUTNAM
Median price: $201,000, down 10.1%.
Median days on the market: 26.
Sales above the asking price: 21.5%.
ST. JOHNS
Median price: $567,927, up 2%.
Median days on the market: 12.
Sales above the asking price: 41.1%.
