July 2022

The U.S. housing market has continued to cool, as rising mortgage rates and recordhigh sales prices have stifled affordability, weakening demand and pricing out a multitude of buyers. Nationally, median household income has failed to keep pace with increasing mortgage payments, with the costs of buying a home about 80% more expensive now than they were just three summers ago, according to the National Association of REALTORS® (NAR). As more and more prospective buyers find their home purchase plans delayed, many are turning to the rental market, where competition has intensified due to increased demand.

New Listings were down 10.0 percent to 564. Pending Sales decreased 22.4 percent to 403. Inventory grew 30.6 percent to 982 units.Prices moved higher as Median Sales Price was up 9.7 percent to $482,870. Days on Market increased 7.8 percent to 97 days. Months Supply of Inventory was up 63.6 percent to 1.8 months, indicating that supply increased relative to demand.

Monthly Market Indicators

A Research Tool Provided by REsides and the Hilton Head Area Association of REALTORS®