The Latest Report from The Hilton Head Area Association of Realtors: Strong demand for a limited supply of homes for sale has seemingly outweighed higher mortgage rates, at least for the time being. The idea that mortgage rates may rise further is likely spurring some of this demand. The dream of homeownership is very much intact, but buyers should be prepared with competitive offers, since every measure of market health is pointing upwards. New Listings in the Hilton Head region decreased 11.7 percent to 401. Pending Sales were up 2.6 percent to 316. Inventory levels shrank 15.7 percent to 2,401 units. Prices got a lift. The Median Sales Price increased 22.8 percent to $260,964. Days on Market was up 1.1 percent to 111 days. Absorption rates improved as Months Supply of Inventory was down 27.4 percent to 7.6 months. Eyes continue to fixate on the Federal Reserve and its policy inclinations related to stimulus tapering. Labor market growth is positive but still tepid. Things like gas prices, stock market shifts and global economics have a tendency to sway consumer sentiment. At the moment, U.S. housing continues to be a bright spot.
Posted on: Mon, 16 Sep 2013 16:48:35 +0000