South Carolina REALTORS® (SCR) released its February housing market data, which indicated a continuing trend of price increases and inventory shortages.
New listings were up almost seven percent to 9,815 while while pending sales decreased six percent to 6,149. Inventory shrank by six percent to 32,129 units. Prices throughout February were up by seven percent with a median sales price of $180,000.
Houses were on the market for approximately 102 days and the months supply of inventory was down by eleven percent to almost five months.
"A projected increase in interest rates coupled with continued inventory shortage could result in higher prices, thus impacting affordability in some areas," said SCR CEO Nick Kremydas
About South Carolina REALTORS®:
South Carolina REALTORS® (SCR), the largest professional trade association in the state, serves as the voice of real estate for more than 19,000 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®.