COLUMBIA, S.C. – July 15, 2013 – (RealEstateRama) — South Carolina REALTORS® (SCR) today released its June Statewide Market Reports which show that the housing recovery is on its way. Interest rates and new construction activity have been in the spotlight lately, fueled by concerns over tapering Federal Reserve activity and ongoing inventory constraints. Watch for indications that more homes are selling in less time and at higher price points and new listings will be replenished by sellers returning to an inviting marketplace.
New Listings in South Carolina increased 4.2 percent to 8,867. Pending Sales were up 12.1 percent to 5,544. Inventory levels shrank 8.5 percent to 47,149 units. Prices went higher and the Median Sales Price increased 4.4 percent to $164,900. Days on Market was down 16.3 percent to 112 days. Absorption rates improved as Months Supply of Inventory was down 22.2 percent to 9.3 months.
The economy- which generates the jobs that fuel the housing demand – continued to improve at a moderate pace during the second quarter of 2013. Budget sequesters and sluggish export growth have taken a back seat to housing recovery and stronger consumer spending. Interest rates could flirt with 4.0 or 4.25 percent again but the days of 3.3 percent interest are likely behind us.
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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South Carolina REALTORS® (SCR), the largest professional trade association in the state, serves 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®.
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