According to the National Association of Realtors (NAR) who’s findings were published in the August issue of Realtor Magazine, the end of July 2018 figures shows existing home sales slip .07% and subsided for the fourth straight month to their lowest pace in over two years. The West was the only major region in the country with an increase in sales last month. The seasonally adjusted annual rate showed 5.34 million homes sold which is down from 5.52 million homes sold a year ago, a drop of 1.5% and home sales have fallen on an annual basis for the last five months. The main reason for the decline is the continued strong and steady increase in home values and list prices which have steadily slowed demand.
Would-be buyers are being priced out and or are deciding to postpone their search until more homes in their price range come onto the market. The current nationwide housing inventory remains unchanged from a year ago and stands at 1.92 million homes on the market. Properties typically stayed on the market for 27 days in July 2018 with 55% of existing homes selling in less than a month from their listing date. In addition to a steady climb in home prices over the past year, it is also evident that the run-up in mortgage interest rates had a cooling effect on the housing market and helped contribute to the decline in home sales.
The data also shows that in the South, home prices remain high thanks to a steady demand and continued low inventory. The average list price in the South is $233,400, up 2.7% from a year ago, which is worsening an already serious issue with affordability which help contribute to the .4% drop in sales as compared to a year ago.
Visit us at and feel free to "LIKE" us on Facebook at or contact us at 843-469-6570 if you are interested in buying or selling real estate so we can get started working for you today.