COLUMBIA, S.C. – August 15, 2012 – (RealEstateRama) — South Carolina REALTORS® (SCR) today released its July Statewide Market Reports.
In comparing the numbers to July 2011, New Listings in South Carolina increased 2.0 percent to 7,907, while Pending Sales were up 11.0 percent to 4,777. Inventory levels shrank 15.1 percent to 48,625 units. The Median Sales Price increased 4.0 percent to $156,000 and Days on Market was down 7.5 percent to 130 days. The supply-demand balance stabilized as Months Supply of Inventory was down 23.6 percent to 11.1 months.
Sustained recovery will not occur without real employment and wage growth. Consumers must be confident in both the economy and their family finances before signing on the dotted line. Cheap borrowing costs have served as the glue, binding things together. Unimaginable a few years ago, the rate on a 30-year fixed mortgage recently ducked below the 3.49 percent marker. Job creation and GDP numbers will garner particular attention this quarter.
Statewide reports are attached. Please contact local boards for data by area. Questions about the statewide data? Contact Nick Kremydas at 803.772.5206.
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sharon (at) screaltors (dot) org