Northeast Florida home prices remain historically unaffordable; housing market sees major seasonal slowdown: report

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Home prices in Northeast Florida have never been less affordable, according to a new report from the Northeast Florida Association of Realtors (NEFAR) released on Thursday.

This 11-piece Cuisinart cookware set is a perfect gift for the holidaysThe high cost of housing has a lot to do with high interest rates, according to the Northeast Florida Association of Realtors –

The high cost of housing has a lot to do with high interest rates, according to NEFAR President Diana Galavis. The Housing Affordability Index measures housing affordability for the region. In other words, it measures whether a typical family earns enough to qualify for a mortgage on a typical home, based on current interest rates, median income and median home prices. A higher number means greater affordability. An index of 100 is defined as the point where a median-income family has the exact amount of income needed to purchase a median-priced existing home.

“The monthly supply of inventory in the region increased to 3.5 months,” said Galavis, noting there was a 19% increase since September. “Overall, the Northeast Florida market is strong with the sales median holding with very little change.”

 

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