March 2018 brought 5.54 million in sales, a median sales price of $250,400, and 3.6 months of inventory. The median sales price is up 5.8% year over year, and inventory is down from 3.8 months in March 2017.
In the Midwest, existing-home sales were at an annual rate of 1.29 million in April (unchanged from March), and are 3.0 percent below a year ago. The median price in the Midwest was $202,100, up 4.6 percent from a year ago.
Existing-home sales in the South decreased 2.9 percent to an annual rate of 2.33 million in April, but are still 2.2 percent above a year ago. The median price in the South was $227,600, up 3.9 percent from a year ago.
Existing-home sales in the West declined 3.3 percent to an annual rate of 1.19 million in April, and are 0.8 percent below a year ago. The median price in the West was $382,100, up 6.2 percent from April 2017.
The National Association of Realtors® is America’s largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.
Lawrence Yun, NAR chief economist, says this spring’s staggeringly low inventory levels caused existing sales to slump in April. “The root cause of the underperforming sales activity in much of the country so far this year continues to be the utter lack of available listings on the market to meet the strong demand for buying a home,” he said. “Realtors® say the healthy economy and job market are keeping buyers in the market for now even as they face rising mortgage rates. However, inventory shortages are even worse than in recent years, and home prices keep climbing above what many home shoppers are able to afford.”
The Local Picture
Here is a snapshot of the Charleston market:
Do you have any questions about the market? Give me a call.
Author:Chris DeLoach Phone: 843-270-1272 Dated: June 1st 2018 Views: 51 About Chris: Serving Charleston buyers and sellers since 2001
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