Jacksonville, FL Real Estate Market Review: June 2022
By Thirdstone Properties LLC - Wednesday, August 3, 2022
Michael Braddock breaks down the June 2022 real estate market data report from NEFAR (Northeast Florida Association of REALTORS) released on July 10, 2022.
The report shows signs of slowing demand as properties are sitting longer on the market, though still far from equilibrium. On July 27, 2022, the Federal Open Market Committee raised the federal funds rate by 75 basis points to 2.25-2.5%. With rising rates, inflation, and recession concerns, home sales prices are expected to begin stabilizing.
Current active inventory at 2,513 is still about half the three-year average of 4,550. The continued supply shortage should keep upward pressure on prices even as demand has slightly decreased.
Disclaimer: This content has been prepared for informational and educational purposes only and is not intended to provide accounting, legal, tax, investment or other advice.
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