Market Update

According to the National Association of REALTORS® (NAR), existing-home sales in the United States have decreased by 3.3% month-over-month due to affordability constraints. At Ballenger Realty, we know that the rise in mortgage rates, reaching close to 7%, has caused potential buyers to delay their home purchase plans. Moreover, existing homeowners are hesitant to sell their homes as they would lose their low-rate mortgages obtained in previous years when rates were much lower.

On the other hand, there has been an increase in new listings by 17.7% and pending sales by 19.2%. Inventory has also grown by 10.2% to a total of 495 units.

As for prices, the median sales price for homes has risen by 1.5% to $390,000. The average number of days on the market has increased by 21.6% to 90 days. The month’s supply of inventory has increased by 16.7% to 2.1 months, indicating a relative increase in supply compared to demand.

Despite the decline in existing-home sales, Beaufort home prices have remained stable.