South Carolina REALTORS® release May market reports
July 13, 2016
South Carolina REALTORS® (SCR) released its May housing market data and as predicted, there has been plenty of healthy sales activity during the second quarter of 2016.
New listings were up five percent to 10,714. Pending sales decreased almost two percent to 7,038, the seventh consecutive month of year-over-year declines. Inventory shrank by almost seven percent compared to last year and is down to 36,880 units. Prices moved higher as median sales price was up five percent to $182,100. Homes are selling quickly with most on the market for only 99 days. Month’s supply of inventory was down twelve percent to six months, indicating that demand increased relative to supply.
“Although inventory is lacking, wages are increasing and mortgage rates remain low, so we continue to see a sturdy housing market,” said SCR CEO Nick Kremydas.
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