CLAY COUNTY –  More single-family homes are being listed in Northeast Florida, which may be a solid indication that this summer’s housing market will be fruitful for both buyers and sellers.

Specifically, the six-county region registered 3,750 new single-family listings, a 54.3% increase from a year ago and a 4.8% hike from last month. Add to this inventory in Northeast Florida, which steadily rose to 6,490 homes – a 63.7% increase from April 2023 and a 9.9% hike from March 2024. Also, closed sales fell 5.8% to 1,843, and pending sales decreased 26.7% to 1,465. Altogether, this is evidence that buyers may now have a better selection to choose from than they have seen in a long time.

On the sellers’ side, prices are also continuing to rise, but the rate of increase is slowing. Single-family homes on the First Coast inched up 2.7% to a median sales price of $399,990. Northeast Florida’s Home Affordability Index continued to dip down to 64 in April.

In Clay County, the April 2024 median price of single-family homes inched up 1.1%to $352.000. The median number of days on the market dropped 22.5% to 31. Month-to-month closed sales tumbled 16.2% to 217, pending sales plummeted 20.6% to 196, and new listings climbed 19.6% to 518. Active inventory for the county rose to 876 homes, a 19.8% increase from March 2024 and showing a four-month supply. The Home Affordability Index sank 1.4% to 73.

The Home 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. This index measures affordability factors for all homebuyers making a 20% downpayment. An index of 100 is the point where a median-income family has the exact amount of income needed to purchase a median-priced existing home. An index value over 100 means that the family has more than enough income, while a value below 100 means that a family doesn't have enough income to qualify for a mortgage loan.