Economist: Charleston area economy, housing market improving slowly but steadily
South Carolina home prices increased slightly — for the first time since 2008 — during the first quarter of this year, as the economy continued to slowly improve.
Research economist Joseph Von Nessen, who laid out the data for a group of real estate professionals at an event this morning in North Charleston, said the pace of job growth going forward will be the key to a housing market recovery.
When South Carolina returns to pre-recession employment levels, which Von Nessen suggested could happen some time between 2013 and 2015, adults who have been living with friends and relatives will go out and form households of their own, he said.
Meanwhile, South Carolina is doing better than the nation in job growth, and the state’s metropolitan areas — Charleston, Columbia and Greenville — are leading the way, Von Nessen said.
Von Nessen spoke at the Charleston New Homes Market Update, an event organized by Will Jenkinson, broker-in-charge for Carolina One New Homes.
Read more in Thursday’s editions of The Post and Courier.