November #MarketMinute

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From the South Carolina Association of Realtors

In November, the Federal Reserve reduced its benchmark rate for the third time this year. This action was widely anticipated by the market. Mortgage rates have remained steady this month and are still down more than 1 percent from last year at this time. Residential new construction activity continues to rise nationally.  The U.S. Commerce Department reports that new housing permits rose 5% in October to a new 12-year high of 1.46 million units.

While many economic signs are quite strong, total household debt has been rising for twenty-one consecutive quarters and is now $1.3 trillion higher than the previous peak of $12.68 trillion in 2008. While delinquency rates remain low across most debt types (including mortgages), higher consumer debt loads can limit future household spending capability and increase risk if the economy slows down.

 

In the Greater Greenville area, New Listings were up 14.3 percent to 1,381. Pending Sales decreased 46.1 percent to 485, the seventh consecutive month of year-over-year declines. Inventory grew 21.7 percent to 4,782 units. Prices moved higher as Median Sales Price was up 7.5 percent to $215,000. Days on Market held steady at 50. Months Supply of Inventory was up 20.0 percent to 4.2 months, indicating that supply increased relative to demand.

In the Greater Anderson Area, New Listings were down 5.6 percent to 486. Pending Sales decreased 27.8 percent to 270. Inventory grew 5.4 percent to 2,014 units. Prices moved higher as Median Sales Price was up 15.5 percent to $190,000. Days on Market decreased 20.2 percent to 87 days. Months Supply of Inventory was up 2.3 percent to 4.4 months, indicating that supply increased relative to demand.

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