Image: Mural at 898 West Forsyth St.

August 2020

The housing and stock markets continue to be the leaders in the economy. In August, showings and pending sales remained at strong levels while housing inventory remained limited, continuing the competitive bidding market we have seen in recent months. With the stock indexes at or near record highs as mortgage rates remain near record lows, signs point to a busy fall housing market.

 

New Listings in the Northeast Florida region decreased 4.0 percent to 3,441. Pending Sales were up 22.4 percent to 3,487. Inventory levels fell 35.2 percent to 6,403 units. Prices continued to gain traction. The Median Sales Price increased 8.0 percent to $260,000. Days on Market remained flat at 62 days. Sellers were encouraged as Months Supply of Inventory was down 37.8 percent to 2.3 months.

 

As we look towards the fall, we normally see housing activity begin to slow a bit as the back-to-school season begins, but this year is far from normal. While uncertainty remains on what effects the upcoming elections and any seasonal resurgence of COVID-19 may have on the financial and housing markets, the healthy housing demand we see today will create significant tailwinds in the near term.

 

Monthly Market Indicators Overview

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Local Market Indicators by Neighborhood

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