competing to define the direction of the real estate market. After the Federal
Reserve lowered its benchmark interest rate on July 31, 30-year mortgage
rates continued to decline, approaching all-time lows last seen in 2016. Yet
most experts agree these reductions are unlikely to bring sufficient relief, at
least in the short term, for first-time home buyers. The lack of affordable
inventory and the persistence of historically high housing prices continue to
affect the housing market,leading to lower-than-expected existing home sales
at the national level.
Closed Sales decreased 12.6 percent for single-family homes and 4.9 percent
for condos. Pending Sales increased 14.8 percent for single-family homes and
14.7 percent for condos. Inventory decreased 0.8 percent for single-family
homes and 4.0 percent for condos.
The Median Sales Price was up 5.0 percent to $240,000 for single-family
homes and 6.5 percent to $148,750 for condos. Days on Market decreased
7.9 percent for single-family homes and 0.8 percent for condos. Supply
remained flat for single-family homes but decreased 4.0 percent for condos.
As many homeowners refinanced their homes to take advantage of
declininginterest rates, consumer confidence in housing was reported to be at
historically high levels. Even so, real estate professionals will need to monitor
the market for signs of continued imbalances. Although the inventory of
affordable homes at this point remains largely stable, it is stable at historically
low levels, which may continue to push prices higher and affect potential
buyers across the U.S.Source: Coastal Carolinas Association of Realtors