South Carolina posted its best November residential real estate numbers since the 2008 recession, market reports compiled by the South Carolina Realtors (SCR) showed.
Nationally, 2015 is shaping up to be the best year since 2006.
“2016 is projected to be a good year, but inventory and affordability challenges coupled with mortgage rate increases will likely slow growth a little bit," SCR's CEO Nick Kremydas said. "However, these changes will also keep home prices from increasing too rapidly to maintain economic stability."
New listings for November jumped 5 percent, while pending sales increased 1.4 percent. Inventory went down by nearly 7 percent. Median sales prices rose slightly (7 percent) to $174,400. Days on the market declined 6 percent to an average of 107 days, while months supply of inventory dropped 18 percent to six months.
Pending sales throughout South Carolina were up 13.4 percent for the 12-month period of December 2014 to November 2015. The property type that saw the highest price gain was the single-family home, which increased to an average of $180,000 (up 5.9 percent). Homes in the $150,001-to-$200,000 price range sold the fastest.
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