- Existing Home Sales rose to an annual rate of 5.47 million, representing an 11% increase year-over-year.
- Inventory levels remain below the 6-month supply needed for a normal market at a 4.0-month supply.
- Lawrence Yun, NAR’s Chief Economist, warns: “The spring buying season is right around the corner and current supply levels aren’t even close to what’s needed to accommodate the subsequent growth in housing demand.”
- The median price is up again. It is the 47th consecutive month with year-over-year gains.
- Distressed home sales has continued to decrease from January 2015.
- Jonathan Smoke, chief economist for Realtor.com, thinks the housing numbers and sales is pointing to a busy spring. “All indicators point to this spring being the busiest since 2006… but we’ll need to see inventory grow more robustly his year to satisfy these buyers.”
If you are interested in where the Bluffton / Hilton Head Island real estate market is going? Give Jo Anne or Tony Rizza (843-301-5825) a call to better understand the current market, see the latest available properties, or to list your own home!
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