July 2019 Monthly Market Indicators July-Montlhy-Market-Indicator
Monthly Indicators
July 2019
Quick Facts
In July, the U.S. economic expansion that began in June 2009 became the longest in
the nation's history, marking 121 straight months of gross domestic product growth
and surpassing the 120-month expansion from 1991 to 2001. The average rate of
growth during this expansion has been a milder 2.3 percent per year compared to
3.6 percent during the 1990s. Although the economy should continue to perform
well for the rest of 2019, most economists see a mild recession on the horizon.
New Listings were up 3.9 percent to 561. Pending Sales increased 8.3 percent to
536. Inventory grew 0.4 percent to 2,237 units.
Prices moved higher as Median Sales Price was up 11.9 percent to $330,000. Days
on Market increased 16.3 percent to 143 days. Months Supply of Inventory was
down 3.8 percent to 5.0 months, indicating that demand increased relative to
supply.
During the record-setting 121-month economic expansion, the unemployment rate
has dropped from 10.0 percent in 2009 to 3.7 percent, yet many consumers
continue to struggle financially. Low mortgage interest rates have helped offset low
housing affordability, but high home prices are outpacing median household income
growth. In a move to stoke continued economic prosperity, the Federal Reserve
reduced the benchmark interest rate by a quarter point to about 2.25 percent,
marking the first reduction in more than a decade.
+ 9.3% + 11.9% - 3.8%
One-Year Change in
Closed Sales One-Year Change in
Median Sales Price One-Year Change in
Months Supply
A research tool provided by the Hilton Head Association of REALTORS®.
Percent changes are calculated using rounded figures.
Market Overview
New Listings
Pending Sales
Closed Sales
Days on Market Until Sale
Median Sales Price
Average Sales Price
Percent of List Price Received
Housing Affordability Index
Inventory of Homes for Sale
Months Supply of Inventory
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Current as of August 10, 2019. Data is Copyright © 2019 All Rights Reserved. MLS of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Report © 2019 ShowingTime. | 1