Jun
26

Columbia Home Sales Plunge 23 Percent

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Market has way to go before bottoming out, industry observers say

June 26, 2008

By Kristy Eppley Rupon – The State

Home sales were bleak in the Columbia area and throughout South Carolina in May, a time when the selling season should be in full bloom.

The Columbia area’s sales sank 23 percent from May of last year — the biggest one-month loss of 2008.

Most areas in the state saw sales drop 20 percent or more, according to figures released Wednesday by the S.C. Realtors trade group. Sales statewide fell 23 percent in May.

If sales don’t pick up this summer, Columbia home sellers could be in for a rough year, said Nick Kremydas, executive director of S.C. Realtors.

“We’re probably going to see a little bit more decline before we start seeing some improvements, and the improvements are going to be slow,” he said.

May’s numbers are “worse than I thought,” said Barbara Lowrance Hughes of the Wolfe Co., who has been selling real estate in Columbia more than 30 years.

Columbia-area sales fell 16 percent in April and are down 15 percent through the first five months of 2008.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.thestate.com/local/story/444005.html
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