U.S. sales of new residential homes sank 12.2% from the previous month to a seasonally adjusted annual rate of 590,000, the lowest level since November 2022, according to the U.S. Census Bureau, as decades-high mortgage rates continue to impact buyer affordability. The National Association of Home Builders cautioned the drop is only temporary, however, with sales of new homes expected to rise in the months ahead due to falling mortgage rates, which have retreated more than one full percentage point from their peak of 7.79% in October. For the 12-month period spanning January 2023 through December 2023, Pending Sales in the Charleston Trident Association of REALTORS® region decreased 8.9 percent overall. The price range with the largest pending sales gain was the $1,000,001 and Above range, where sales were up 5.8 percent. The overall Median Sales Price rose 1.5 percent to $404,972. The property type with the largest gain was the Condos segment, where prices went up 4.8 percent to $346,000. The price range that tended to sell the quickest was the $150,001 to $250,000 range at 30 days. The price range that tended to sell the slowest was the $150,000 and Below range at 41 days. Market-wide, inventory levels softened 4.1 percent. The property type with the largest gain was the Condos segment, where the number of properties for sale increased 30.4 percent. That amounts to 2.0 months of inventory for Single-Family Homes and 2.1 months of inventory for Condos.
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