Lowcountry Real Estate Market Report - October 2023
Posted by Charter One Realty on
MARKET UPDATE - October 2023
U.S. sales of existing homes recently fell to a 13-year low, dropping 2.0% month-over-month and 15.4% year-over-year as of the last measure, according to the National Association of REALTORS® (NAR), as surging interest rates and elevated sales prices continue to make homeownership unaffordable for many prospective buyers.
Days on Market increased 10.7 percent to 145 days. Months Supply of Inventory was up 42.9 percent to 3.0 months. Total housing inventory going into October was at 1.13 million units, up 2.7% from the previous month but down 8.1% compared to the same time last year, for a 3.4 months’ supply at the current sales pace, according to NAR. The shortage of homes for sale is making it harder for buyers to find…
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