April housing market trend continues throughout May

South Carolina REALTORS® (SCR) released its May 2020 market data. The statewide reports indicate a continuation of April activity — waning inventory due to high demand, resulting in an up-tick in prices.

Overall, South Carolina had a 12.6% decrease in year-to-date closed sales; an expected decrease due to the ongoing pandemic. But with record interest rates and increased showing activity, the signs are pointing to a busier summer particularly for buyers.

“The effects of COVID-19 continue across the broader economy, but real estate activity is beginning to recover. Mortgage rates are hovering near all time lows and we’re seeing an increase of showing activity,” said SCR President Owen Tyler.

Home prices continue to climb with a median price increase of 8.5% from last year, bringing the average price of a house up to $230,000 in South Carolina.

Price increases are due in large part to the short amount of time houses are on the market. The May reports reflect a decrease of 6.9% since 2019.

SCR reminds buyers that while business continues, it is not business as usual.

“We continue to encourage all REALTORS® to conduct their business in accordance with COVID-19 guidelines set forth by the CDC, as well as the National Association of REALTORS®,” said SCR CEO Nick Kremydas.

FastStats are available at screaltors.org/marketreports.

June is National Homeownership Month. SCR encourages current and future homeowners to visit https://homeownershipmatters.realtor/ or use #CreatingHome to learn more about the benefits of owning a home as well as policies and programs that promote homeownership.

 

South Carolina REALTORS® (SCR), the largest professional trade association in the state, serves as the voice of real estate for more than 24,000 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®.