Charleston area home prices continue to grow, report says
The price of homes in the Charleston metro region continues an upward trend, but could slow in coming months due in-part to higher mortgage rates, according to a report released today.
Home prices in the Charleston region increased by 7.2 percent in July compared to the same month a year ago, according to real estate information firm CoreLogic. Home prices also grew 0.3 percent from June.
The region continues the mirror the upward trend in the nation’s national home price average.
Home prices nationwide, including distressed sales, increased 12.4 percent on year-over-year basis in July.
July marked the 17th consecutive monthly year-over-year increase in home prices nationally, according to CoreLogic.
“Home prices continued to surge in July,” said Mark Fleming, chief economist for CoreLogic. “Looking ahead to the second half of the year, price growth is expected to slow as seasonal demand wanes and higher mortgage rates have a marginal impact on home purchase demand.”
Reach Tyrone Richardson at 843-937-5550 and follow him on Twitter @tyrichardsonPC.