A key indicator of economic health rose noticeably in South Carolina in October, and most notably in the Greenville area.
Compared to October 2011, sales of residential homes and condos in the area rose 35 percent in October to 660 homes sold, according to the S.C. Association of Realtors.
Statewide, home sales were up 24 percent in October compared to the same period last year, the association reported. The increase was spurred on not only by Greenville sales, but strong upticks in the Charleston area, which saw a 30.7 percent increase, and the Columbia area, which saw sales increase 29.7 percent.
“Most markets have shed listings, resulting from strong sales and sluggish seller activity. There has been a general easing of foreclosures and short sales, meaning distressed listings are dragging prices down less than in recent years. So it's both about market fundamentals and market composition,” the Realtors association said in releasing the data.
“The economy is slowly growing and economic growth in 2013 is expected to outpace 2012. Mortgage rates are expected to remain near historic lows through 2015; rents are expected to rise due to low vacancy; and financial situations in Europe, China and elsewhere, believe it or not, have an effect on local markets,” the association said, adding that 2012 is shaping up to be a "comeback year."
Compared with October 2011, new listings in the state rose 10.1 percent to 7,888; while pending sales were up 26.7 percent to 4,676. Inventory levels shrank 13.4 percent to 46,776 units, the association reported.
For more details on the Realtors' report, CLICK HERE.
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Greenville-area Home Sales Boomed in October
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