“Despite a strong U.S. economy, historically low unemployment and steady wage growth, home sales began to slow across the nation late last year. Blame was given to a combination of high prices and a steady stream of interest rate hikes by the Federal Reserve. This month, the Fed responded to the growing affordability conundrum. In a move described as a patient approach to further rate changes, the Fed did not increase rates during January 2019.
In the Greater Greenville area, New Listings were up 6.9 percent to 1,436. Pending Sales decreased 51.8 percent to 502. Inventory grew 24.4 percent to 4,316 units. Prices moved higher as Median Sales Price was up 9.9 percent to $210,000. Days on Market increased 12.5 percent to 63 days. Months Supply of Inventory was up 25.0 percent to 4.0 months, indicating that supply increased relative to demand.
In the Greater Anderson area, New Listings were down 1.6 percent to 627. Pending Sales decreased 23.2 percent to 318. Inventory grew 12.7 percent to 1,950 units. Prices moved higher as Median Sales Price was up 2.7 percent to $171,950. Days on Market increased 46.3 percent to 117 days. Months Supply of Inventory was up 15.4 percent to 4.5 months, indicating that supply increased relative to demand.
While the home affordability topic will continue to set the tone for the 2019 housing market, early signs point to an improving inventory situation, including in several markets that are beginning to show regular year-over-year percentage increases. As motivated sellers attempt to get a jump on annual goals, many new listings enter the market immediately after the turn of a calendar year. If home price appreciation falls more in line with wage growth, and rates can hold firm, consumer confidence and affordability are likely to improve.”
Source: South Carolina Association of Realtors