July-Monthly-Market-Indicator

Monthly Indicators
July 2020
Healthy buyer demand and constrained supply continue to be the story for much of
the country. Nationally, showing activity in July remained substantially higher than a
year before and multiple offer situations are a frequent experience in many markets.
With the inventory of homes for sale still constrained, a competitive market for
buyers shows little sign of waning.
New Listings were up 26.6 percent to 710. Pending Sales increased 55.5 percent to
779. Inventory shrank 27.8 percent to 1,676 units.
Prices moved higher as Median Sales Price was up 9.1 percent to $360,000. Days
on Market held steady at 143. Months Supply of Inventory was down 34.6 percent to
3.4 months, indicating that demand increased relative to supply.
While the number of unemployment insurance weekly initial claims have been far
lower in recent weeks than their peak in March and April, more than 1 million new
claims are still being filed each week and more 31 million were claiming benefits in
all programs as of early July, compared to fewer than 2 million in July 2019. Despite
this significant economic impact, home buyers remain extremely resilient. With
mortgage rates remaining near record-low levels and home purchase mortgage
applications up from a year ago, high buyer activity is expected to continue into the
late summer and early fall market.
Quick Facts
+ 41.0% + 9.1
One-Year Change in
Closed Sales
One-Year Cha
Median Sales
A research tool provided by the Hilton Hea
Percent changes are calculated using roun
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
Current as of August 10, 2020. Data is Copyright © 2020 All Rights Reserved. MLS of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS® and South Ca