November 2019 Market Reports
Posted by Bill True on
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.
New Listings were down 10.3 percent to 478. Pending Sales increased 10.5 percent to 412. Inventory shrank 11.2 percent to 2,120 units.
Prices moved lower as Median Sales Price was down 5.4 percent to $304,990. Days on Market increased 5.2 percent to 141 days. Months Supply of Inventory was down 18.2 percent…
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We are excited to welcome Allison Luce to Berkshire Hathaway HomeServices Hilton Head Bluffton Realty! Allison started her love for the love Lowcountry after many years of vacationing on Hilton Head Island. Originally from Pittsburgh OH, she had lived in North Carolina in the Charlotte / Lake Norman area and even lived abroad in Italy and also as a Resident Artist in Germany, Denmark and Canada! Allison and her husband are happy to now call Hilton Head Island her permanent home.