July's Market Report Overview
"Recovery loses steam." "Housing demand in a slump." "Tax credit leaves mess in its wake." We're bombarded with headlines like these every day. Some have merit, some don't. The truth is, the economy is now driving the housing market and not vice versa.
Pending Sales in the Beaufort region grew slightly by 1.3 percent from last July to arrive at 76.
New Listings dipped slightly by 3.6 percent since last July and overall inventory skyrocketed by 42.0 percent.
Median Sales Price dipped by 3.8 percent from last July to $179,900, and buyers were only willing to pay 88.6 percent of a seller's asking price. Market times were up by 22.7 percent over last year.
Months Supply of Inventory increased by 21.2 percent to 23.2 months, given current demand.
In summary, the housing market is trying to hold its ground until the job situation improves. Only after widespread, private-sector hiring will demand be restored to the market and prices continue to stabilize. Until then, it's a hurry up and wait game.
Pending Sales in the Beaufort region grew slightly by 1.3 percent from last July to arrive at 76.
New Listings dipped slightly by 3.6 percent since last July and overall inventory skyrocketed by 42.0 percent.
Median Sales Price dipped by 3.8 percent from last July to $179,900, and buyers were only willing to pay 88.6 percent of a seller's asking price. Market times were up by 22.7 percent over last year.
Months Supply of Inventory increased by 21.2 percent to 23.2 months, given current demand.
In summary, the housing market is trying to hold its ground until the job situation improves. Only after widespread, private-sector hiring will demand be restored to the market and prices continue to stabilize. Until then, it's a hurry up and wait game.
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