MYRTLE BEACH, S.C. (WBTW) — The latest data from the Coastal Carolina Associations of Realtors shows that the number of homes that were sold has decreased and the number of homes available to sell increased.
Home inventory and median sale prices have increased by more than 21% compared to June 2021.
“Things are starting to slow down a little bit” said Maria Nazario, a realtor with EXP Realty.
The slowdown comes as mortgage interest rates and home prices rise.
“People have that fear that collapse is imminent, but with demand being so high, it’s not likely at all,” said Max Neubauer, a lender with Guild Mortgage.
The data also shows closed sales decreased by 16% for family homes, while pending sales decreased by more than 5%.
“Party is just inflation, when the stock market starts going down it has an opposite affect on mortgage rates,” Neubauer said.
A major factor in the market slowdown has to do with the Myrtle Beach location.
“Our area has a lot to do with it as well because we’re in such a high-demand area,” Nazario said.
This impacted how long houses stayed on the market.
“Now we’re talking days rather than hours with multiple offers,” Nazario said.
Neubauer said he’s not expecting a market crash.
“We’re not at all expecting any type of crash because when a crash occurs when there is too much inventory and not enough buyers,” Neubauer said.
He said the pandemic changed the game.
“People got told they’re never going back to the offices, offices are shutting down,” he said. “Would you rather be at an apartment somewhere in a city or be at the beach?” Neubauer said.