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Residential Real Estate Mid-Year Review: Housing Market Strong

August 22nd, 2019 · Leave a Comment

There is always a great interest in the real estate industry and its trends. Whether an individual is buying, selling or just interested in real estate’s economic indicators, there is good news about where the market is now and where it may be heading in the near future.

“The economy and the housing industry in Northeast Florida are strong, with low interest rates and positive news about job prospects and the local economy,” said Berkshire Hathaway HomeServices Florida Network Realty President and CEO Christy Budnick. “There are great opportunities available in our market for both buyers and sellers.”

Interest rates are low and even though unemployment has slightly edged up, Northeast Florida’s unemployment numbers are still below the national rate. Low inventory of homes for sale has led to higher prices, contributing to a seller’s market in most price points.

According to the Northeast Florida Association of Realtors market report for June 2019, new listings decreased 11 percent to 3,467, compared to June 2018. Pending sales were up more than 10.8 percent to 2,966 compared to June 2018 and inventory levels fell 4.7 percent to 9,226 units.

Low inventory remains a challenge, though it has brought higher prices with a median sales price increase of 2.6 percent to $241,000. Homes sold on an average in 63 days, compared to 58 days in 2018. The drop in inventory levels contributed to a 10.3 percent decline in the supply of inventory, which is down to 3.5 months.

Even with an increase in new home construction throughout Northeast Florida, inventory challenges remain in most price points. To learn more, visit the Berkshire Hathaway HomeServices Florida Network Realty blog.

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