COLUMBIA, S.C. – September 16, 2013 – (RealEstateRama) — South Carolina REALTORS® (SCR) today released its August Statewide Market Reports. Strong demand for a limited supply of homes for sale has seemingly outweighed higher mortgage rates, at least for the time being. The idea that mortgage rates may rise further is likely spurring some of this demand. The dream of homeownership is very much intact, but buyers should be prepared with competitive offers, since every measure of market health is pointing upwards.
New Listings in the state of South Carolina increased 5.9 percent to 8,982. Pending Sales were up 6.7 percent to 5,404. Inventory levels shrank 6.6 percent to 46,827 units.
Prices got a lift. The Median Sales Price increased 6.5 percent to $164,950. Days on Market was down 13.6 percent to 111 days. Absorption rates improved as Months Supply of Inventory was down 20.9 percent to 9.0 months.
Eyes continue to fixate on the Federal Reserve and its policy inclinations related to stimulus tapering. Labor market growth is positive but still tepid. Things like gas prices, stock market shifts and global economics have a tendency to sway consumer sentiment. At the moment, U.S. housing continues to be a bright spot.
Please contact local boards for data by area. Questions about the attached statewide data? Contact Nick Kremydas at 803.772.5206.
South Carolina REALTORS® (SCR), the largest professional trade association in the state, serves as the voice of real estate for almost 14,000 members involved in all aspects of the residential and commercial real estate industries. REALTOR® is a registered trademark that identifies a professional in real estate who subscribes to a strict code of ethics as a member of SCR and the National Association of REALTORS®.
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