Report: Charleston area home prices rising faster than national average

Home prices in the Charleston area increased by 11.2 percent in the 12 months ending in March, nearly a percentage point higher than the nation’s average, according to a new report.

Home prices nationwide, including distressed sales, increased 10.5 percent in March compared to the same month in 2012, according to real estate information firm CoreLogic.

The agency added that the 10.5 percent change marks the biggest year-over-year increase since March 2006 and the 13th consecutive monthly increase in home prices nationally.

“For the first time since March 2006, both the overall index and the index that excludes distressed sales are above 10 percent year over year,” said Mark Fleming, chief economist for CoreLogic. “The pace of appreciation has been accelerating throughout 2012 and so far in 2013 leading into the home buying season.”

CoreLogic reported the Charleston region’s 11.2 percent growth for the 12-month span outpaced The Palmetto State’s 7.5 percent average.

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