Mortgage Rates are Fluctuating but Housing Remains in Demand
While the increase in mortgage rates may have slightly cooled the market in June, prices have remained high as compared to the same time last year. The Median Sales Price was 2.5% higher than May of this year and 22% higher than May of 2021.
Median Days on Market have also increased by 42% from last month, meaning homes are taking a bit longer to sell which indicates the purchasing frenzy of the past several months is slowing. The 3% increase in New Listings from last month and 20% increase in Active Inventory gives buyers more choices and a little more time to make a decision.
The Greater Jacksonville area is becoming a top destination for out-of-staters and businesses alike resulting in an influx of new residents and hopes of a steady boost to the Northeast Florida economy.