October 2019 Monthly Indicators October-Monthly-Market-Indicator

Monthly Indicators
October 2019
In October, mortgage rates increased slightly from the three-year lows seen in
September. While the Federal Reserve reduced the federal-funds target rate by
.25%, this decline was widely expected and largely factored into mortgage rates
already, which are still approximately 1% lower than this time last year. Fannie Mae
is predicting that continued low rates, and possibly lower rates, are expected in
2020.
New Listings were down 0.1 percent to 673. Pending Sales increased 18.2 percent
to 500. Inventory shrank 9.6 percent to 2,166 units.
Prices moved higher as Median Sales Price was up 4.9 percent to $350,270. Days
on Market increased 10.5 percent to 147 days. Months Supply of Inventory was
down 16.4 percent to 4.6 months, indicating that demand increased relative to
supply.
As we begin the slower time of year for home sales, historically low mortgage rates
will continue to support buyer demand and may create additional lift to home prices
as excellent affordability gives buyers the ability to offer more to secure their dream
home. Throughout much of the country, the continued low level of housing inventory
also continues to constrain sales activity from where it would likely be in a balanced
market.
Quick Facts
+ 13.8% + 4.9% - 16.4%
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 November 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