Maybe this isn't such a bad time to buy a house after all.
Homes sales rose last month in Northeast Florida, a rare occurrence at this time of year, according to the Northeast Florida Association of Realtors.
The increase indicates that the housing market is "alive and well" despite high prices and a relative shortage of homes on the market, the Realtors association said.
The number of closed sales rose 28% from January, the Realtors reported. The median sales price remain unchanged at $360,000
A total of 4,811 homes were on the market in February in Baker, Clay, Duval, Nassau, Putnam and St. Johns counties, the Realtors association said. That was 2% more than January but 175% more than this time last year.
"With more ‘fish in the sea’ and increased active inventory, more homes were going under contract" last month, Diana Galavis, president of the Realtors association, said in a news release. "This is a reflection that buyers are comfortable with the fluctuating market and were ready to make a move in securing real estate.”
Still, many buyers had trouble finding a home. The market had just over three months of homes available, which is significantly higher than last year but 21% lower than January. Six months' inventory would be considered a stable market.
“More buyers were in market than there was available inventory to purchase," Galavis said. "Factors such as building supply, construction, job transfers and relocations played a role."
Also, homes remain unaffordable for many people. The region's home affordability index, at 76, was 22% lower than February 2022, partly the result of rising interest rates.
A higher index means homes are more affordable. An index of 100 would indicate that the average family has exactly enough income to qualify for a mortgage.
