August 2019 Market Update

According to the National Association of REALTORS®, existing home sales declined slightly in June 2019 after recent gains in May. With mortgage rates at their lowest levels in a year and a half and inventory rising, more buyers may be entering the market soon.

Interest Rates
According to Freddie Mac, 30-year fixed rates increased to 3.81% in June from 3.73% in May. This rate remains well below the historical average of 8.90%. 

Home Sales
The National Association of REALTORS® reported home sales at a seasonally adjusted annual rate of 5.27 million in June, down 1.7% from May and 2.2% below the 5.39 million sales pace from a year ago. 

Home Prices
The median home price increased to $285,700 in June, up 3.1% from May. The median home price has increased by approximately $11,900 in the past year alone. 

Inventory
There was a 4.4-month supply of housing inventory in June 2019, up 2.3% from May. The total number of available homes for sale has increased by 2.3% compared to June of last year. 

Published by Lowcountry Home Hunters

Your Local Real Estate Connection (843) 642-7111 tsmathers@kw.com

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