Charleston home prices continue to outpace South Carolina, US average
Home prices in the Charleston region continue to climb this spring, outpacing the state and national averages, a new report shows.
In the Charleston-North Charleston-Summerville area, home prices, including distressed sales, increased by 13.6 percent in April 2013 compared with a year earlier, according to real estate information firm CoreLogic.
The region's growth was 1.5 percent higher than the national average and 5 percent higher than South Carolina, the firm said.
The nation's 12.1 percent home price increase from April 2012 marked the biggest year-over-year increase since February 2006 and the 14th consecutive monthly gain.
“Increasing demand for new and existing homes, coupled with low inventory, has created a virtuous cycle for price gains, most clearly seen in the Western states with year-over-year gains of 20 percent or more,” CoreLogic chief economist Mark Fleming, said in statement.
The firm's findings are in line with recent local reports about the Lowcountry prices.
Last month, the Charleston Trident Association of Realtors said the median price of homes sold for the broader region in April was $203,800, up 12 percent from $182,220 in April 2012.
The association also said April rekindled some pre-recession memories.
It said in its preliminary report that 1,028 homes were sold in April. That nearly matched the 1,089 homes that changed hands at a median price of $210,000 in April 2007, eight months before the start of the last recession.
The May figures from the Realtors association are due out today.
Reach Tyrone Richardson at 937-5550 and follow him on Twitter @tyrichardsonPC.