The U.S. housing market has continued to cool, as rising mortgage rates and record high sales prices have stifled affordability, weakening demand and pricing out a multitude of buyers. Nationally,
Hilton Head area July '22 Market Overview
Dated: August 12 2022
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The U.S. housing market has continued to cool, as rising mortgage rates and record high sales prices have stifled affordability, weakening demand and pricing out a multitude of buyers. Nationally, median household income has failed to keep pace with increasing mortgage payments, with the costs of buying a home about 80% more expensive now than they were just three summers ago, according to the National Association of REALTORS® (NAR). As more and more prospective buyers find their home purchase plans delayed, many are turning to the rental market, where competition has intensified due to increased demand.
- New Listings were down 10.0% to 564.
- Pending Sales decreased 22.4% to 403.
- Inventory grew 30.6% to 982 units.
- Prices moved higher as Median Sales Price was up 9.7 percent to $482,870.
- Days on Market increased 7.8% to 97 days.
- Months Supply of Inventory was up 63.6% to 1.8 months, indicating that supply increased relative to demand.
At a time of year when homebuying activity is typically very strong, soaring homeownership costs have caused home sales to decline nationwide for the fifth consecutive month, with existing-home sales falling 5.4% month-to-month and 14.2% year-over-year as of last measure, according to NAR. But there is a bright spot. Inventory of existing homes has continued to climb this summer, with 1.26 million homes available at the beginning of July, equivalent to a 3 months’ supply. And despite the summer slowdown, homes are still selling quickly, with the typical home staying on market an average of 14 days.
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Willy Fanning
Willy is originally from Southampton, New York, where his family roots date back to the 1600’s. While vacationing on Hilton Head Island in 1989 he and his family fell in love with the natural beaut....
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Data last updated: August 14, 2022 5:35 AM UTC
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