Residential Properties SOLD through the Charleston Trident Multiple Listing Service for November 2018
Greater Charleston Area – 444
Mount Pleasant – 188
Summerville/Dorchester County – 276
Goose Creek/Moncks Corner/Berkeley County – 319
Daniel Island – 21
The booming U.S. economy continues to prop up home sales and new listings in much of the nation, although housing affordability remains a concern. Historically, housing is still relatively affordable. Although Freddie Mac recently reported that the 30-year fixed rate is at its highest average in seven years, reaching 4.94 percent,
average rates were 5.97 percent ten years ago, 6.78 percent 20 years ago and 10.39 percent 30 years ago. Nevertheless, affordability concerns are causing a slowdown in home price growth in some markets, while price reductions are becoming more
New Listings were down 1.9 percent to 1,579. Pending Sales decreased 1.9 percent to 1,300. Inventory shrank 4.9 percent to 5,553 units. Prices moved higher as Median Sales Price was up 8.0 percent to $269,900. Days on Market decreased 5.2 percent to 55 days. Months Supply of Inventory was down
5.3 percent to 3.6 months, indicating that demand increased relative to supply. The Bureau of Labor Statistics recently reported that the national unemployment rate was at 3.7 percent.
Low unemployment has helped the housing industry during this
extensive period of U.S. economic prosperity. Home buying and selling activity relies on gainful employment. It also relies on demand, and builders are showing caution by breaking ground on fewer single-family home construction projects in the face of
rising mortgage rates and fewer showings.