Charleston area home prices continue to grow
Home prices in the Charleston region continue an upward trend, but slower than state and national averages, according to a new report.
In August, home prices, including distressed sales, increased by 8 percent compared to August 2012. The Charleston region’s growth was 0.1 percent slower than South Carolina’s average and 4.4 percent slower than the nation, according to real estate information firm CoreLogic.
Experts say home prices are expected to continue an upward trend, but may face some slowdowns due to impacts of rising mortgage rates.
“After a strong run, the rate of home price appreciation slowed in August. In addition to normal seasonality, the recent sharp rise in mortgage rates off their historic lows was a clear driver behind the slowdown,” said Anand Nallathambi, president and CEO of CoreLogic. “We anticipate moderate gains in home prices over the balance of this year, supported by the recent downward trend in rates and continued tight supplies of homes in many markets.”
For the nation, CoreLogic predicts September home prices, including distressed sales, will rise by 12.7 percent compared to the same month in 2012.
Reach Tyrone Richardson at 843-937-5550 and follow him on Twitter @tyrichardsonPC.