Apr
12

Charleston Home Values Show Sluggish Growth

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Area housing values showed sluggish growth in ’07

April 12, 2008

By Jim Parker – The Post and Courier

Call it a virtual holding pattern.

Home prices in the Charleston-North Charleston-Summerville metro area dipped in the final quarter of last year compared with the same period of 2006. But the drop was just 0.03 percent, according to the Office of Federal Housing Enterprise Oversight.

For the past year, Greater Charleston prices rose 1.99 percent, ranking 132 out of 291 metro areas in the U.S. and among the slowest increases in the state. Spartanburg ranked 35, up 5.35 percent; Greenville, 37, up 5.25 percent; Columbia, 99, a 2.91 percent jump; and Myrtle Beach-North Myrtle Beach-Conway, 106, up 2.8 percent. Home prices in the Charleston region gained 55.55 percent in the past five years, so a $200,000 home in 2003 would be worth on average $311,110 today.

The federal housing enterprise office, which oversees Fannie Mae and Freddie Mac secondary market providers, also issues a quarterly house price index.

LINK TO ARTICLE HERE:
http://www.charleston.net/news/2008/apr/12/area_housing_values_showed_sluggish_grow36814/

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