Charleston area home prices continue to rise, report says
The price of homes in the Charleston metro area continue to rise, according to a new report released today.
In September, home prices increased by 8.1 percent compared to the same month a year ago. The Charleston region’s growth was 0.6 percent better than South Carolina’s average, but 3.9 percent slower than the 12 percent average for the nation, according to real estate information firm CoreLogic.
Experts have said home prices are expected to continue trend upward in coming months, but could face some hiccups due to rising mortgage rates.
“We are seeing a slowdown in the rate of price appreciation over the past few months from the rapid pace experienced over the first half of this year,” said Anand Nallathambi, president and CEO of CoreLogic. “This deceleration is natural and should help keep market fundamentals in balance over the longer-term.”
CoreLogic officials predict that October home prices, including distressed sales, should rise by 12.5 percent on a year-over-year basis.