Home prices took a small dip in September, according to Northeast Florida Association of Realtors data, but there are still questions about where the market is headed.
“While still in a 'sellers' market, the trend continues to move toward a more balanced market,” said Mark Rosener, president of NEFAR, in a release. “Weakening demand due to affordability issues — mainly higher mortgage rates — and growing inventory points in that direction. The 3% decrease month over month in the median price is expected as the market stabilizes from the frenzied pace that was set in 2021 and early 2022.
In September, the Housing Affordability Index for single-family homes, condos and townhouses slid 3.9% to 74 from 77. Affordability for only single-family homes declined by 4.2% to 69 in the region. “Closed and pending unit sales suffered from Hurricane Ian’s impact when the powerful storm interrupted services during the last week of the month, a time when many properties close and/or go under contract," Rosener said."Many of the properties scheduled to close in that last week should shift to close in the first half of October. With that said, these indicators are down 23.3% and 17.4% month over month, respectively.
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