At this point in the year, we are getting a good sense for how the housing market is likely to perform for the foreseeable future. Markets across the country are shifting toward a middle ground between buyers and sellers. While sales prices are running higher and inventory options are relatively low, buyers are beginning to find wiggle room.
New Listings in the Northeast Florida region increased 3.7 percent. Pending Sales were up 5.2 percent. Inventory levels rose 1.9 percent. Prices continued to gain traction. The Median Sales Price increased 3.1 percent to $232,000. Days on Market was up 10.0 percent to 66 days.
An extended trend of low unemployment, higher wages and favorable mortgage rates has been a terrific driver of housing stability in recent years. What is different about this year so far is that prices are not rising as quickly. Source: Northeast Florida Association of Realtors