South Carolina REALTORS® Release November Market Numbers

CoOLUMBIA, SC – South Carolina REALTORS® (SCR) released its November 2014 statewide housing market reports.

With virtually no inflation, interest rates will likely remain low for most of 2015. Construction permits and housing starts have upward momentum while prices are projected to ascend at a tempered pace.

In South Carolina, New Listings were up 9.2 percent to 5,492. Pending Sales increased 1.3 percent to 3,181 and Inventory grew 1.0 percent to 33,129 units. Prices moved higher as the Median Sales Price was up 5.9 percent to $162,000.

Days on Market decreased 3.3 percent to 116 days, the twelfth consecutive month of year-over-year declines. Months Supply of Inventory was down 4.8 percent to 7.9 months – also the twelfth consecutive month of year-over-year declines.

2014 is becoming another recovery year, and although mortgage and student debt remain obstacles, many metrics are reaching a healthy balancing point with lower than expected interest rates. Job growth is expected to continue, while wages growth is expected to increase.