COLUMBIA, S.C. – June 15, 2011 – (RealEstateRama) — South Carolina REALTORS® (SCR) today released its May 2011 Market Reports. For the nation as a whole, the National Association of REALTORS® reports that the homeownership rate has shifted from 69.0 percent in 2005 to 66.5 percent, so far in 2011.
New Listings in South Carolina decreased 9.9 percent to 8,554. Pending Sales were up 8.5 percent to 4,106. Inventory levels shrank 8.2 percent to 57,776 units. Prices were more or less stable. The Median Sales Price increased 0.7 percent to $150,000. Days on Market increased 13.7 percent to 143 days. The rate of inventory absorption slowed as Months Supply of Inventory was up 7.0 percent to 15.3 months.
Nationally, the interest rate dropped to 4.88 percent on a 30-year fixed conventional, while the unemployment rate snuck up to 9.1 percent in May. The economy added 54,000 jobs, which was far less than April and insufficient to curb unemployment. As recovery goes, so goes positive trends. Several metrics should continue to show favorable movement, but stronger job growth is needed to fuel housing demand and reinforce consumer confidence.
May 2011 Statewide reports are attached. Please contact local boards for data by area. Contact Sharon Delia, SCR Communications Director, for archived reports.
Questions about the data? Contact Nick Kremydas at 803.772.5206
South Carolina REALTORS® (SCR) is the largest professional trade association in the state, serving as the voice of real estate for more than 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®.