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 Ā© 2020 All Rights Reserved. MLS of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORSĀ® and South Ca