South Carolina REALTORS® Release July Market Numbers
COLUMBIA, S.C. – August 15, 2013 – (RealEstateRama) — South Carolina REALTORS® (SCR) today released its July Statewide Market Reports. It won’t be long before the housing recovery is simply referred to as housing. As prices continue to rise, institutional and cash buyers have effectively priced themselves out of the real estate market. There’s less incentive for these kinds of buyers, yet affordability for consumers remains attractive.
New Listings in the state of South Carolina increased 16.0 percent to 9,430. Pending Sales were up 18.0 percent to 5,754. Inventory levels shrank 7.3 percent to 47,078 units. Prices moved higher as the Median Sales Price increased 4.9 percent to $163,063. Days on Market was down 8.8 percent to 118 days. Absorption rates improved as Months Supply of Inventory was down 21.7 percent to 9.1 months.
With mortgage rates slightly up but relatively low by historic standards, the Federal Government has indicated no change in monetary policy based on a moderately-paced economic expansion. Although the unemployment rate remains a factor to watch, the housing recovery continues to strengthen, helping the greater economy with flourishing activity in sales and prices. Housing has made a positive contribution to real GDP growth for 11 consecutive quarters.
Please contact local boards for data by area. Questions about the attached statewide data? Contact Nick Kremydas at 803.772.5206.
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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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Contact:
Michael Crist
