A M. Appraisals Blog

U.S. new-home sales jumped 7.4% month-over-month and 6.0% year over-year to a seasonally adjusted annual rate of 724,000 units, according to the U.S. Census Bureau. The median sales price for new homes decreased 1.9% from the previous month to $403,600, down 7.5% from one year earlier. There were 503,000 new homes available for sale heading into April, for an 8.3-month supply at the current sales pace. For the 12-month period spanning May 2024 through April 2025, Pending Sales in the Consolidated Multiple Listing Service, Inc. region went up 4.0 percent overall. The price range with the largest pending sales gain was the $1,000,001 and Above range, where sales increased 34.5 percent.

The overall Median Sales Price increased 1.9 percent to $275,000. The property type with the largest gain was the Condos segment, where prices increased 4.6 percent to $204,999. The price range that tended to sell the quickest was the $150,001 to $250,000 range at 45 days. The price range that tended to sell the slowest was the $1,000,001 and Above range at 57 days.

Market-wide, inventory levels was up 39.0 percent. The property type with the largest gain was the Condos segment, where the number of properties for sale rose 72.9 percent. That amounts to 2.6 months of inventory for Single-Family Homes and 3.0 months of inventory for Condos.

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U.S. existing-home sales decreased 5.9% month-over-month and 2.4% year-over year to a seasonally adjusted annual rate of 4.02 million units, according to the National Association of REALTORS® (NAR), as affordability challenges and economic uncertainty weigh on market activity. Sales were down month-over-month in all four regions, with the West experiencing the largest decline, at 9.4%.

New Listings were up 23.2 percent to 1,845. Pending Sales increased 12.7 percent to 1,500. Inventory grew 39.0 percent to 2,995 units.

Prices moved higher as Median Sales Price was up 2.5 percent to $273,983. Days on Market increased 10.9 percent to 51 days. Months Supply of Inventory was up 35.0 percent to 2.7 months, indicating that supply increased relative to demand.

Total housing inventory increased 8.1% month-over-month for a total of 1.33 million units heading into April, equivalent to a 4.0-month supply at the current sales pace, according to NAR. Although inventory is up nearly 20% from the same time last year, the additional supply has had little effect on home prices across much of the country, with the national median existing-home price climbing 2.7% year-over year to $403,700 as of last measure.

Housing Supply Overview - January 2025:

U.S. new-home sales increased 3.6% month-over-month and 6.7% year-over-year to a seasonally adjusted annual rate of 698,000 units, according to the U.S. Census Bureau. The median sales price for new homes was up 2.1% year-over-year to $427,000. There were about 494,000 new homes available for sale heading into January, representing an 8.5-month supply at the current sales pace. For the 12-month period spanning February 2024 through January 2025, Pending Sales in the Consolidated Multiple Listing Service, Inc. region was up 3.2 percent overall. The price range with the largest pending sales gain was the $1,000,001 and Above range, where sales increased 51.6 percent. The overall Median Sales Price improved 1.5 percent to $273,999. The property type with the largest gain was the Condos segment, where prices improved 6.9 percent to $203,000. The price range that tended to sell the quickest was the $150,001 to $250,000 range at 41 days. The price range that tended to sell the slowest was the $1,000,001 and Above range at 54 days. Market-wide, inventory levels was up 28.0 percent. The property type with the largest gain was the Condos segment, where the number of properties for sale rose 60.9 percent. That amounts to 2.6 months of inventory for Single-Family Homes and 2.9 months of inventory for Condos.


Monthly Indicators - January 2025:

U.S. existing-home sales advanced for the third straight month, climbing 2.2% to a seasonally adjusted annual rate of 4.24 million units, a 10-month high, according to the National Association of REALTORS® (NAR). Sales were up 9.3% year-over-year, driven largely by purchases of homes priced $500,000 and above. Month-over month, sales rose in the South, Northeast, and the West but fell in the Midwest, with all four regions reporting year-over-year gains. New Listings were up 8.0 percent to 1,513. Pending Sales increased 2.0 percent to 1,109. Inventory grew 28.0 percent to 2,893 units. Prices moved higher as Median Sales Price was up 3.9 percent to $268,000. Days on Market increased 19.6 percent to 55 days. Months Supply of Inventory was up 23.8 percent to 2.6 months, indicating that supply increased relative to demand. According to NAR, total housing inventory was 1.15 million units heading into January, a 13.5% decrease from the previous month but a 16.2% increase from the same period one year earlier, for a 3.3-month supply at the current sales pace. Housing supply remains down compared to pre-pandemic levels, and the limited number of homes on the market continues to push sales prices higher nationwide, with the median existing-home price rising 6% year-over-year to $404,400.

OCTOBER 2024 HOUSING SUPPLY OVERVIEW:



PENDING SALES:

CLOSED SALES:


DAYS ON MARKET UNTIL SALE:


MEDIAN SALES PRICE:


PERCENT OF LIST PRICE RECEIVED:


INVENTORY OF HOMES FOR SALE:

MONTHS SUPPLY OF INVENTORY:

MARKET OVERVIEW:



NEW LISTINGS:



CLOSED SALES:



DAYS ON MARKET UNTIL SALE:



AVERAGE SALES PRICE:



PERCENT OF LIST PRICE RECEIVED:



HOUSING AFFORDABILITY INDEX:



INVENTORY OF HOMES FOR SALE:



PENDING SALES (BY PRICE RANGE, BEDROOM COUNT, & PROPERTY TYPE):



CLOSED SALES (BY PRICE RANGE, BEDROOM COUNT, & PROPERTY TYPE):

HOUSING SUPPLY OVERVIEW

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In an effort to attract buyers amid slowing traffic and declining home sales, U.S. homebuilders have been increasingly reducing prices & offering sales incentives this year. According to the National Association of Home Builders, 36% of single-family homebuilders reported cutting prices as of last measure, with an average price reduction of 6%. Meanwhile, 59% of builders reported offering sales incentives, including price discounts, paying closing costs or fees, and offering free upgrades or price discounts, among others. For the 12-month period spanning January 2022 - December 2022, Pending Sales in the CMLS region were down 15.0 percent overall. The price range with the largest gain in sales was the $300,001 & Above range, where they increased 12.6%.

MONTHLY MARKET INDICATORS

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2022 was a turbulent year for the US housing market, as inflation, soaring interest rates, and elevated sales prices combined to cause a slowdown nationwide. Affordability challenges continue to limit market activity, with pending home sales and existing-home sales down month-over-month and falling 37.8% and 35.4% year-over- year, respectively, according to the National Association of REALTORS® (NAR). Higher mortgage rates are also impacting prospective sellers, many of whom have locked in historically low rates and have chosen to wait until market conditions improve before selling their home. New Listings were down 14.6 percent to 858. Pending Sales decreased 13.9 percent to 840. Inventory grew 38.2 percent to 1,843 units.

The U.S. housing market has continued to cool, as rising mortgage rates and record- high sales prices have stifled affordability, weakening demand and pricing out a multitude of buyers. Nationally, median household income has failed to keep pace with increasing mortgage payments, with the costs of buying a home about 80% more expensive now than they were just three summers ago, according to the National Association of REALTORS® (NAR). As more and more prospective buyers find their home purchase plans delayed, many are turning to the rental market, where competition has intensified due to increased demand.

New Listings were down 16.2 percent to 1,621. Pending Sales decreased 14.5 percent to 1,306. Inventory grew 32.6 percent to 1,982 units.

Prices moved higher as Median Sales Price was up 20.0 percent to $274,818. Days on Market increased 23.5 percent to 21 days. Months Supply of Inventory was up 36.4 percent to 1.5 months, indicating that supply increased relative to demand.

At a time of year when homebuying activity is typically very strong, soaring homeownership costs have caused home sales to decline nationwide for the fifth consecutive month, with existing-home sales falling 5.4% month-to-month and 14.2% year-over-year as of last measure, according to NAR. But there is a bright spot. Inventory of existing homes has continued to climb this summer, with 1.26 million homes available at the beginning of July, equivalent to a 3 months’ supply. And despite the summer slowdown, homes are still selling quickly, with the typical home staying on market an average of 14 days.

Here are some Real Estate Statistics from the 2021 Columbia, SC Real Estate Market: 

AVERAGE SALES PRICE (~13% more than in 2020):



PERCENT OF LIST PRICE RECEIVED (~1.5% more than in 2020):
An average of 100% of list price was received in 2021


MONTHS SUPPLY OF INVENTORY (~ 44% less than in 2020):



CLOSED SALES (~ 10% growth over 2020):






NEW LISTINGS (~ 10% growth over 2020):


DAYS ON MARKET UNTIL SALE (~ 50% less time than 2020):

MEDIAN SALES PRICES:


INVENTORY OF HOMES FOR SALE:

COLUMBIA, SC MARTIN
PENDING SALES




DAYS ON MARKET UNTIL SALE


MEDIAN SALES PRICE



PERCENT OF LIST PRICE RECEIVED



INVENTORY OF HOMES FOR SALE



MONTHS SUPPLY OF INVENTORY


SC REALTORS MLS STATISTICS