Cost of homes rising in Northeast Florida from May to June

Prices for single-family homes are on the rise again in Northeast Florida.

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According to the Northeast Association of Realtors, the average single-family home in Duval County saw a 1.5 percent increase from May to June. This compared to St. Johns County, which saw a decrease from May to June.

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“That is a trend we typically see this time of year,” Diana Galavis, President of the Northeast Association of Realtors, said.

In Duval County, the median price in May was $330,000. Compare that to June’s $335,000 price tag for a single-family home, and that’s a 1.5 percent climb.

Galavis says the reason for the increase is seasonal.

“In May and June, are typically higher months that we start to see sellers put homes on the market,” Galavis said.

St. Johns County, a county that is booming with growth, actually saw a decrease from May to June.

According to the NEFAR (Northeast Florida Association of Realtors), the median price went down slightly to $555,000 for single-family homes, which is a 2.9% drop from the month before.

Action News Jax reached out to Timothy Newman, the president of Northeast Florida mortgage brokers.

He says the quantity of homes in St. Johns County is the reason for this drop

“Because there is 2.8 months of inventory, normal months of inventory are 6 months of supply. So, there is always going to be a certain amount of homes that never going to sale,” Newman said.

Newman adds if you are looking for a home in Northeast Florida, the best bet is to get a new one.

“Right now you can find significant deals with new construction. The price of existing homes is the same as new construction homes,” Newman said.

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Newman adds many people are probably wondering when interest rates will go down. He says that will all depend on inflation numbers.

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