August 2018 Monthly Market Report August-Monthly-Market-Report

Monthly Indicators
August 2018
Rising home prices, higher interest rates and increased building material costs have
pressured housing affordability to a ten-year low, according to the National
Association of Home Builders. Keen market observers have been watching this
situation take shape for quite some time. Nationally, median household income has
risen 2.6% in the last 12 months, while home prices are up 6.0%. That kind of gap
will eventually create fewer sales due to affordability concerns, which is happening
in several markets, especially in the middle to high-middle price ranges.
New Listings were up 28.9 percent to 674. Pending Sales increased 10.9 percent to
490, the seventh consecutive month of year-over-year gains. Inventory grew 1.3
percent to 2,250 units.
Prices moved higher as Median Sales Price was up 8.5 percent to $320,000. Days
on Market decreased 12.7 percent to 124 days. Months Supply of Inventory was
down 13.6 percent to 5.1 months, indicating that demand increased relative to
supply.
While some are starting to look for recessionary signs like fewer sales, dropping
prices and even foreclosures, others are taking a more cautious and research-based
approached to their predictions. The fact remains that the trends do not yet support
a dramatic shift away from what has been experienced over the last several years.
Housing starts are performing admirably if not excitingly, prices are still inching
upward, supply remains low and consumers are optimistic. The U.S. economy is
under scrutiny but certainly not deteriorating.
Quick Facts
+ 10.1% + 8.5% - 13.6%
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, 2018. Data is Copyright © 2018 All Rights Reserved. MLS of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Report © 2018 ShowingTime. | 1