Homebuyers across the country were filled with hope on September 18th when the Feds, finally, cut interest rates by .5%. The question remains, when will the next cut be? And, how low can we expect rates to go?
Northeast Florida Statistics
Below are NEFAR’s current numbers for Northeast Florida, along with statistical changes since last month.
Closed sales have decreased along with new listings. Median days on the market are holding steady- unchanged. However, the absorption rate, or months’ supply of inventory, continues to rise.
- 4% ⬆ Active Inventory: 7,695
- 8% ⬇ New Listings: 2,835
- 1.8% ⬆ Median Sales Price: $389,945
- 0% ⬆ Median Days on the Market: 46
- 17.7% ⬇ Closed Sales: 1,526
- 26.6% ⬆ Month’s Supply of Inventory: 5 months
Those statistics represent the Northeast Florida region as a whole. Details for each county are below.
Duval County:
- ⬇Active Inventory: 3,512
- ⬇New Listings: 1,449
- ⬆Median Sales Price: $334,750
- ⬇Days on Market: 37
St. Johns County:
- ⬇Active Inventory: 2,035
- ⬇New Listings: 646
- ⬇Median Sales Price: $549,381
- ⬇Days on Market: 60
Clay County:
- ⬇Active Inventory: 1,108
- ⬆New Listings: 365
- ⬆Median Sales Price: $358,950
- Days on Market: 52 (no change)
Nassau County:
- ⬇Active Inventory: 460
- New Listings: 164 (no change)
- ⬇Median Sales Price: $444,995
- ⬆Days on Market: 61
Interest Rates
Inflation is solidly on track and looking to hit its 2% target. The Feds’ attention is now turned to the labor market. Recent labor market data has been stronger than expected, causing bond yields to rise. Experts predict that another rate cut is in the works, but how many basis points will it be?
Movement Mortgage reports: “Looking ahead, the next Federal Reserve meeting in early November will be crucial. While markets had initially anticipated a 50-basis-point rate cut, those expectations have now diminished. A 25-basis-point cut is seen as the more likely outcome.”
Fluid Realty
The Fluid Realty Team is Jacksonville’s top real estate group and local boutique brokerage. We provide a full-service experience with the best realtors in the area. Our expertise includes luxury beach real estate within the four Beaches of Jacksonville, FL: Atlantic Beach, Neptune Beach, Jacksonville Beach, and Ponte Vedra Beach.
