September 2019 Market Update

According to the National Association of REALTORS®, existing home sales increased in July 2019 after a slight decrease in June. With low mortgage rates, more buyers may be entering the market.

Interest Rates

According to Freddie Mac, 30-year fixed rates decreased to 3.77% in July from 3.81% in June. 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 5.42 million in July, up 2.5% from June and 0.6% above the 5.39 million sales pace from a year ago.

Home Price

The median home price decreased to $280,800 in July, down 1.6% from June. The median home price has increased by approximately $11,500 in the past year alone.

Inventory

There was a 4.2-month supply of housing inventory in July 2019, down 4.5% from June. The total number of available homes for sale has decreased by 2.3% compared to July of last year.

Published by Lowcountry Home Hunters

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

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