Charleston SC Homes For Sale : September 2016 National Housing Trends

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Charleston SC Homes For Sale : September 2016 National Housing Trends

Charleston SC Homes For Sale : September 2016 National Housing Trends

Sales-to-List Price Ratio on Non-Distressed Properties Hits 2016 High in August

Sales-to-list price ratios on non-distressed properties hit a high for the year in August while home prices continued to increase, according to results from the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey.  The sales-to-list price ratio on non-distressed properties has increased for six consecutive months, hitting 98.6% in August, based on a three-month moving average. The reading tops the high of 98.5% recorded in July of 2015.
The sales-to-list price ratio on non-distressed properties hasn’t slipped even as home prices increased during the spring and summer. Nationally, non-distressed properties sold in August had an average price of $310,100, up from an average price of $290,800 in January.
Sales-to-list price ratios remain especially high in western states, led by the Pacific Northwest with an average ratio of 101.6% in August. California had an average sales-to-list price ratio of 100.3% during the month.  Florida had the lowest regional sales-to-list price ratio in August at an average of 96.2%.  “The lowest inventory levels in 10 years continue to define this market,” said an agent in Oregon.
An agent in California agreed that low inventory has helped keep home prices and sales-to-list price ratios high. “An agent in our office submitted an all-cash, full-price offer and was turned down,” the agent said. “The seller had five offers and selected one above asking price with a substantial down payment and small loan amount.”  Learn more about the September 2016 National Housing Trends here.

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