December 2018 Monthly Indicators December-Monthly-Market-Indicator
Monthly Indicators
December 2018
Home prices were consistently up again in most markets in 2018 but at reduced
levels compared to recent years. High demand for few homes for sale fueled price
increases, but evidence is mounting that inventory will finally improve in 2019. This
may apply some downward pressure on prices for beleaguered home buyers. A
fourth interest rate hike by the Federal Reserve in 2018 spooked the stock market to
close out the year. The Fed has indicated that the number of rate increases in 2019
will be halved, which may be of little comfort to an already compressed consumer.
New Listings were up 2.8 percent to 336. Pending Sales increased 1.0 percent to
289. Inventory grew 5.9 percent to 2,231 units, the eleventh consecutive month of
year-over-year gains.
Prices moved higher as Median Sales Price was up 6.9 percent to $333,500. Days
on Market decreased 9.3 percent to 136 days. Months Supply of Inventory was
down 3.8 percent to 5.1 months, indicating that demand increased relative to
supply.
Unemployment rates remained remarkably low again in 2018, and wages continued
to improve for many U.S. households. It is generally good for all parties involved in
real estate transactions when wages grow, but the percentage of increase, on
average, has not kept pace with home price increases. This created an affordability
crux in the second half of 2018. Housing affordability will remain an important
storyline in 2019.
Quick Facts
- 16.3% + 6.9% - 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 January 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