JACKSONVILLE, Florida. – The Northeast Florida Association of Realtors says the housing market is moving towards affordability.
Prices have skyrocketed in recent years. High rents, inflation, insurance companies leaving the state, and the property insurance crisis have all contributed to this.
Mark Rosener, NEFAR’s 2022 president, says we may soon start to see some relief.
“Median prices in the market as a whole, as well as the individual markets in which we do business, appear to have stabilized,” Rosener said. “It goes up a little, it goes down a little. But, if you average it, it stayed about the same.
Rosener also says interest rates have stabilized – which earlier this year made it difficult to buy homes.
Now more people are working in our area, pushing up median incomes.
The accessibility index fluctuates. NEFAR provided News4JAX with data showing where certain northeast Florida counties rank in August. Duval County came in at 79.5 — a slight increase from July’s 79. Clay County was at 75 — a 5.6% increase from July. St. Johns County remained the least affordable area to live in the region – with an index of 49. Putnam County saw a drop when it was recorded at 113, but compared to other northern counties East Florida, it continues to be the most affordable location. live. Nassau County has an index of 67.5, an increase of 42.3% from July.
“There are affordable homes in our market,” Rosener said. “But I think, overall, the big picture is that we need to do something within our communities to make more affordable housing available.”
Inventory is still historically low in our area, and we are still far from affordable homes for people with the median family income. But Rosener says the home affordability index rose 2.9% to 70 for a single-family home, so he says it’s headed in the right direction.
There is no immediate solution to the problem. Rosener recommends contacting the Jacksonville Housing Authority if you need to find a home right away, as well as shopping around with different insurance companies.
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