Home prices in the Charleston region rose in May, but not as fast as the national average, a new report shows.
In the Charleston-North Charleston-Summerville area, home prices, including distressed sales, increased by 9.8 percent in May compared with the same month in 2012, according to real estate information firm CoreLogic.
The Charleston region’s pace was slower than the 12.2 percent national home price growth, which was marked as the biggest year-over-year increase since February 2006, the firm said.
“It’s been more than seven years since the housing market last experienced the increases that we saw in May, with indications that the summer months will continue to see significant gains,” said Mark Fleming, chief economist for CoreLogic. “As we approach the half-way point of 2013, home prices continue to respond positively to the reductions in home inventory thus far.”
Housing experts tie the strong growth on pent-up demand and low mortgage rates compared to years ago.
The Charleston region’s price growth in May was 2.6 percent better than South Carolina’s 7.2 percent average, according to CoreLogic.
The firm said the Western states had the largest price increase in May, lead by 26 percent for Nevada and 20.2 percent in California.
Reach Tyrone Richardson at 843-937-5550 and follow him on Twitter @tyrichardsonPC