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Home prices finally drop — first time in months

Home for sale.jpg
Matt Rourke
/
AP
The housing market in Jacksonville might be slowing down

Finally, some relief for homebuyers.

After months of frustration, home prices in Northeast Florida fell last month for the first time since January.

The median price of a single-family home fell 1.5% to $393,900, according to new data from the Northeast Florida Association of Realtors. The price was still 19% higher than the same time last year, but it was a sign that the market is returning to normal, Realtors said.

Potential buyers have struggled for months with rising prices, bidding wars and a shortage of homes to look at. Now, more houses are hitting the market, and they’re remaining for sale longer.

A total of 5,323 single-family homes were available in August, 36% more than the year before. They were remaining on the market for a median of 31 days, which was more than double the same time last year.

Bidding wars also have eased, with just 19.6% of homes selling for more than the listing price in August. That’s 47% less than August 2021.

The market still has a way to go before a family of typical means can afford a home, but there are many indications that the market is finally moving in the right direction, the Realtors association said in a news release.

“Moving into fall 2022, we continue to see the residential real estate market continue to moderate and normalize,” said the group’s president, Mark Rosener.

St. Johns County remained the most expensive place to buy a home in Northeast Florida, with a median single-family price of $555,000, down 0.8% from the month before. Putnam County was the most affordable at $242,000, a 24% increase from July.

Randy comes to Jacksonville from the South Florida Sun Sentinel, where, as metro editor, he led investigative coverage of the Parkland school shooting that won the 2019 Pulitzer Prize for public service. He has spent more than 40 years in reporting and editing positions in Illinois, Iowa, Missouri, Ohio and Florida. You can reach Randy at rroguski@wjct.org or on Twitter, @rroguski.