The Northeast Florida Association of Realtors market stats show buyers are responding to the low interest rates available with pending sales of 2,396 for September. Pending sales are up 2% over last September
and 6% year-to-date. There were 2,500 closings in September which is up 7% month-over-month and 5% year-to-date.

The median sales price of $235,000 is up 8% month-over-month and 4% year-to-date. The average price of $272,154 is up 6% month-over-month and 3% year-to-date.

New listings of 2,963 are down 7% from last September, but we are almost even year-to-date. The inventory
of homes for sale dropped 12% from last September to 8,920 homes. The months supply of homes for sale dropped 15% to 3.4 months.

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I attended a great event hosted by NEFBA this week featuring Robert Dietz, the National Association of Home Builders Chief Economist. He shared some very positive information about the Jacksonville MSA (metropolitan statistical area) performing better than the state and nation in many areas. For instance, the population growth for 2018 in the U.S. was 0.6%, the state of Florida was 1.5% and the Jacksonville MSA was 2.0%.

Robert Dietz also shared that the Builder confidence index rose to 68 in September from an upwardly revised reading of 67 in August. A reading above 50 is considered positive.

Another interesting slide he shared shows the number of young adults between the ages of 25 to 34 living with their parents almost doubled since 2005. Approximately 12% were living with their parents in 2005 and around 22% are living with parents now. Many young adults in this age group have student loans and auto loans which make it difficult to afford housing payments. Student loans are 142% higher since the recession and auto loans are 60% higher. Housing formations for this group are being delayed.

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