All is well in Northeast Florida real estate this summer in the most recent report from the Northeast Florida Association of Realtors. The pending sales and closed sales are up, the median and average sales price are up, and the inventory of homes for sale and months supply of homes for sale are down.

There were 2,983 contracts written in July which is up 6% over last July and 6% year-to-date. The local data continues to be positive and in June the national numbers were also positive. A National Association of Realtors article says, “The Pending Sales Index (PHSI) – a forward-looking indicator based on contract signings – moved up 2.8% to 108.3 in June, an increase from 105.4 in May. Year-over-year contract signings jumped 1.6%, snapping a 17-month streak of annual decreases. The 2.8% increase is likely the start of a positive trend for home sales, predicts NAR Chief Economist Lawrence Yun.”

• The closed sales in July of 2,820 were up 1% over last July and 4% year-to-date.
• The median sales price of $242,000 is up 5% over last July and 2% year-to-date.
• The average sales price of $283,038 is up 3% over last July and 2% year-to-date.
• The inventory of homes for sale is down 7% from last July to 9,173.
• The months supply of inventory is down 12.5% from last July to 3.5 months.
  Five to six months of supply is a balanced market.

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