South Carolina Reale Estate Sales Up for 2010

Home

Articles

Tips for Sellers

0 votes

July 24, 2010, by Charles Still in Tips for Sellers

Home sales across South Carolina rose 25% in June from a year earlier and were up 23% from last year in year-to-date figures, the South Carolina Association of Realtors reported Thursday.

The biggest gain was seen in the Hilton Head area, where year-to-date sales were up 45% from last year.

Regional gains included:

â– Greater Columbia, up 29% in June from June 2009, and up 12% year-to-date.

â– Charleston Trident, up 40% in June, and up 34% year-to-date.

â– Greater Greenville, up 13% in June, and up 15% year-to-date.

â– Spartanburg, up 5% in June, and up 10% year-to-date.

â– Western Upstate MLS, up 22% in June, and up 15% year-to-date.

Nationally, existing-home sales slowed in June but remained at relatively elevated levels, according to the National Association of Realtors.

The national association said the figures reflected the scheduled closing deadline for the home buyer tax credits. Lawrence Yun, NAR chief economist, said the market shows uncharacteristic yet understandable swings as buyers responded to the tax credits. “June home sales still reflect a tax credit impact with some sales not closed due to delays, which will show up in the next two months,” he said.

“Broadly speaking, sales closed after the home buyer tax credit will be significantly lower compared to the credit-induced spring surge. Only when jobs are created at a sufficient pace will home sales return to sustainable healthy levels.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to a record low 4.74% in June from 4.89% in May; the rate was 5.42% in June 2009.

NAR President Vicki Cox Golder, of Tucson, Ariz., said softer home sales expected this summer don’t tell the whole story.

“Despite these market swings, total annual home sales are rising above 2009 and we’re looking for overall gains again this year as well as in 2011,” she said. “Conditions have become more balanced in much of the country, which is good for both buyers and sellers.”

A parallel NAR practitioner survey shows first-time buyers purchased 43% of homes in June, down from 46% in May. Investors accounted for 13% of sales in June, little changed from 14% in May; the remaining purchases were by repeat buyers. All-cash sales were at 24% in June compared with 25% in May.

Total housing inventory at the end of June rose 2.5% to 3.99 million existing homes available for sale, which represents an 8.9-month supply at the current sales pace, up from an 8.3-month supply in May.

“The supply of homes on the market is higher than we’d like to see. But home prices are still holding their ground because prices had already overcorrected in many local markets,” Yun said.

In the South, existing-home sales fell 6.5% to an annual level of 2.01 million in June but are 11% above June 2009. The median price in the South was $163,600, unchanged from a year ago.

For more information on everything dealing with Lexington South Carolina Real Estate visit our website at http://www.WelcomeToLexington.com or fill out the following form and I will be in touch with you shortly.