A spike in mortgage rates, increased building costs, and record-setting new home prices continue to take their toll on the construction industry, as new single-family home sales plunged 16.6% month-over-month, according to recent data from the Commerce Department.
Hilton Head & Mainland Real Estate Market Update - May 2022
For the 12-month period spanning June 2021 through May 2022, Pending Sales in the Hilton Head region were down 24.3 percent overall. Market-wide, inventory levels were up 9.4 percent. The property type that gained the most inventory was the Single Family segment, where it increased 11.0 percent. That amounts to 1.3 months supply for Single-Family homes and 1.3 months supply for Condos.
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