Aug
18

SC REALTORS Release July Figures

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South Carolina REALTORS® (SCR) today released its July Statewide Market Reports, indicating that although low supply and tight credit standards remain hurdles to recovery, prices are rising in most local areas. Interest rates are still low and affordability is historically high but below its all time peak. Rising inventory levels lead to more buyer choices, but as we approach the fall season, the prospect of more homes coming on the market begins to wane.

New Listings in the state of South Carolina increased 3.3 percent to 9,975. Pending Sales were down 1.3 percent to 5,915. Inventory levels rose 0.2 percent to 49,196 units. Prices moved onward as the Median Sales Price increased 2.5 percent to $167,000. Days on Market was down 9.2 percent to 108 days. Absorption rates improved as Months Supply of Inventory was down 4.2 percent to 9.1 months.

Consumer spending rose 2.5 percent in the first quarter and the GDP grew at 4.0 percent in the second quarter. Rates are still low, rents are rising and private job growth is accelerating.

 

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