Good Morning!

Here's hoping you had a great weekend!

Below you'll find the market pulse reflecting last week's activity. The shortened holiday week caused activity to level off in many categories, with new listings experiencing a 0% change from the week prior. With many folks returning from extended Memorial Day vacations and a good portion of high school and college graduations now behind us, we fully expect to see an increase in all categories this week.

In mortgage news: An economic report released last eek reflected stronger than expected growth, resulting in mortgage rates inching higher. Rates started the week at 5.875% but ended at 6.125%. Jumbo 30 year rates are currently 7.25% while 5 year conforming and jumbo rates are 5.625% and 6.5% respectively. (Thanks to Matt Webster at Wachovia for this mortgage update!)

Enjoy these latest numbers and have a great week!

Below is the MLS report for all listings on Hilton Head Island and Bluffton for the week of May 31, 2008. Please review the following and let us know if you have any questions on the statistics.

Active (New listings): 147 (0% change from last week)
Homes: 71
Villa: 42
Lots: 34

Pending (Accepted contracts, but not yet closed): 47 (Down 18% from last week)
Homes: 37
Villa: 8
Lots: 2

Sold (Closed contracts):50 (Up 4% from last week)
Homes: 36
Villa: 12
Lots: 2

Price Reductions: 235 (Up 3% from last week)
Homes: 146
Villa: 60
Lots: 29