The St. Petersburg housing market is showing balanced conditions with stable prices and moderate inventory levels. Home prices have decreased 4.6% in the past month. With 3.8 months of supply, St. Petersburg's inventory levels remain relatively tight. Homes are taking about 41 days to sell, which is 5 days longer than this time last year. A significant 30.9% of listings experienced price reductions, indicating sellers may be adjusting to market realities. Only 10.9% of properties sold above asking price, giving buyers more negotiating power. Affordability remains a significant challenge in the St. Petersburg market with the affordability index at 7.4. Looking ahead, the St. Petersburg market is expected to maintain its current trajectory with relatively stable conditions.
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