August 2019 Monthly Indicators August-Montlhy-Market-Indicator-Report

Monthly Indicators
August 2019
As the summer draws to a close, multiple opposing factors and trends are
competing to define the direction of the real estate market. After the Federal
Reserve lowered its benchmark interest rate on July 31, 30-year mortgage rates
continued to decline, approaching all-time lows last seen in 2016. Yet most experts
agree these reductions are unlikely to bring sufficient relief, at least in the short term,
for first-time home buyers. The lack of affordable inventory and the persistence of
historically high housing prices continue to affect the housing market, leading to
lower-than-expected existing home sales at the national level.
New Listings were down 11.0 percent to 600. Pending Sales increased 16.2 percent
to 510. Inventory shrank 6.5 percent to 2,193 units.
Prices were stable as Median Sales Price remained flat at $315,000. Days on Market
increased 8.9 percent to 135 days. Months Supply of Inventory was down 11.1
percent to 4.8 months, indicating that demand increased relative to supply.
As many homeowners refinanced their homes to take advantage of declining
interest rates, consumer confidence in housing was reported to be at historically
high levels. Even so, real estate professionals will need to monitor the market for
signs of continued imbalances. Although the inventory of affordable homes at this
point remains largely stable, it is stable at historically low levels, which may continue
to push prices higher and affect potential buyers across the U.S.
Quick Facts
- 0.6% 0.0% - 11.1%
One-Year Change in
Closed Sales One-Year Change in
Median Sales Price One-Year Change in
Months Supply
A research tool provided by the Hilton Head Association of REALTORS®.
Percent changes are calculated using rounded figures.
Market Overview
New Listings
Pending Sales
Closed Sales
Days on Market Until Sale
Median Sales Price
Average Sales Price
Percent of List Price Received
Housing Affordability Index
Inventory of Homes for Sale
Months Supply of Inventory
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Current as of September 10, 2019. Data is Copyright © 2019 All Rights Reserved. MLS of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Report © 2019 ShowingTime. | 1