Contact Information
Aiken Board of Realtors and MLS
1069 Silver Bluff Road
Aiken, SC 29803
Office: 803-648-1891
(F): 803-642-6044

 

Market Statistics – June 2019

June 2019

Prior Year

Current Year

+/-

Average Sales Price

$201,477

$209,091

+3.8%

Median Sales Price

$181,022

$183,900

+1.6%

Inventory of Homes for Sale

1,086

1,067

-1.7%

Days on Market

146

127

-13.0%

Closed Sales

260

238

-8.5%

As was widely expected, the Federal Reserve did not change the target range for the federal funds rate – currently set at 2.25 to 2.5 percent – during their June meeting. Although the economy is still performing well due to factors such as low unemployment and solid retail sales, uncertainty remains regarding trade tensions, slowed manufacturing and meek business investments.

New Listings were up 7.3 percent to 280. Pending Sales increased 12.1 percent to 259. Inventory shrank 1.7 percent to 1,067 units.

Prices moved higher as Median Sales Price was up 1.6 percent to $183,900. Days on Market decreased 13.0 percent to 127 days. Months Supply of Inventory was down 7.4 percent to 5.0 months, indicating that demand increased relative to supply.

In terms of relative balance between buyer and seller interests, residential real estate markets across the country are performing well within an economic expansion that will become the longest in U.S. history in July. However, there are signs of a slowing economy. The Federal Reserve considers 2.0 percent a healthy inflation rate, but the U.S. is expected to remain below that this year. The Fed has received pressure from the White House to cut rates in order to spur further economic activity, and the possibility of a rate reduction in 2019 is definitely in play following a string of increases over the last several years.

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