June 2017 Monthly Indicators

Monthly Indicators June 2017 Quick Facts There has been a general slowdown in sales across the country, and this cannot be blamed on negative economic news. Unemployment remains low and wage growth, though nothing to overly celebrate, has held steady or increased for several years in a row. There is strong demand for home buying, emphasized by higher prices and multiple offers on homes for sale in many submarkets. As has been the case for month after month – and now year after year – low inventory is the primary culprit for any sales malaise rather than lack of offers. New Listings were up 0.4 percent to 564. Pending Sales increased 22.8 percent to 491. Inventory shrank 9.7 percent to 2,274 units. Prices moved higher as Median Sales Price was up 1.3 percent to $300,000. Days on Market increased 11.9 percent to 150 days. Months Supply of Inventory was down 14.3 percent to 6.0 months, indicating that demand increased relative to supply. With job creation increasing and mortgage rates remaining low, the pull toward homeownership is expected to continue. Yet housing starts have been drifting lower, and some are beginning to worry that a more serious housing shortage could be in the cards if new construction and building permit applications continue to come in lower in year-over-year comparisons while demand remains high. Homebuilder confidence suggests otherwise, so predictions of a gloomy future should be curbed for the time being. + 10.1% + 1.3% - 9.7% 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 2 3 4 5 6 7 8 9 10 11 12 Current as of July 10, 2017. Data is Copyright © 2017 All Rights Reserved. MLS of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Report © 2017 ShowingTime. | 1