Real Estate Market Update - June 2022

National Update - June 2022


Rising inflation, soaring home prices, and increased mortgage interest rates have combined to cause a slowdown in the U.S. housing market. To help quell inflation, which reached 8.6% as of the last measure in May, the Federal Reserve raised interest rates by three-quarters of a percentage point in June, the largest interest rate hike since 1994. Higher prices, coupled with 30-year fixed mortgage rates approaching 6%, have exacerbated affordability challenges and rapidly cooled demand, with home sales and mortgage applications falling sharply from a year ago.

With monthly mortgage payments up more than 50% compared to this time last year, the rising costs of homeownership have sidelined many prospective buyers. Nationally, the median sales price of existing homes recently exceeded $400,000 for the first time ever, a 15% increase from the same period a year ago, according to the National Association of REALTORS®. As existing home sales continue to soften nationwide, the housing supply is slowly improving, with inventory up for the second straight month. In time, price growth is expected to moderate as supply grows; for now, however, inventory remains low, and buyers are feeling the squeeze of higher prices all around.

Hilton Head & Mainland Real Estate Market Update - June 2022

For the 12-month period spanning July 2021 through June 2022, Pending Sales in the Hilton Head region were down -23.8 percent overall. Market-wide, inventory levels were up +23.8 percent. The property type that gained the most inventory was the Single Family segment, where it increased +26.0 percent. That amounts to 1.6 months supply for Single-Family homes and 1.7 months supply for Condos.

View the full report here. 

Hilton Head Real Estate Market Update


Hilton Head Island Homes - Real Estate Market Snapshot - June 2022

Year to date in 2022, new listings of homes for sale on Hilton Head were down -14.4 percent overall. Closed home sales on Hilton Head were down -32.0 percent and the median sales price increased +17.2 percent. Inventory levels of homes for sale were up +19.3 percent compared to June 2021. 

 

Hilton Head Island Condos/Villas - Real Estate Market Snapshot - June 2022

Year to date in 2022, new listings of condos/villas for sale on Hilton Head were down -15.2 percent overall. Closed condo/villas sales on Hilton Head were down -18.0 percent and the median sales price increased by +35.4 percent. Inventory levels of condos/villas for sale were up +23.1 percent compared to June 2021. 

 

Mainland Homes (29910 and 29909) - Real Estate Market Snapshot - June 2022

Year to date in 2022, new listings of homes for sale on the Mainland were down -2.3 percent overall. Closed home sales on the Mainland were down -25.6 percent and the median sales price increased by +29.0 percent. Inventory levels of homes for sale were up +39.8 percent compared to June 2021. 


Beaufort Area Real Estate Market Update - June 2022

For the 12-month period spanning July 2021 through June 2022, Pending Sales in the Beaufort region were down -14.4 percent overall. Market-wide, inventory levels were up +43.8 percent. The property type that gained the most inventory was the Condo segment, where it increased +64.9 percent. That amounts to 1.6 months supply for Single-Family homes and 2.0 months supply for Condos.

Read the Full Report Here.

Beaufort Real Estate Update June 2022

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