Home sales and prices continued to climb in the Charleston region last month, extending the industry's recovery.
Sales by county for July:
CHARLESTON COUNTY: 736 sales at a median price of $272,500. Most active areas: Mount Pleasant, with 230 homes sales at a median price of $367,500; West Ashley outside I-526 with 110 sales at a median price of $212,000; North Charleston outside I-526 with 84 sales at a median price $150,000.
BERKELEY COUNTY: 302 sales at a median price of $189,909. Most active: area bordered by Jedburg Road, Highway 17-A and College Park Road, with 83 sales at a median price of $188,500.
DORCHESTER COUNTY: 278 sales at a median price of $181,437. The most active area: Summerville/Ridgeville, with 131 sales at a median price of $209,000.
Charleston Trident Association of Realtors.
Volume was up 8.5 percent from July 2013 to 1,380 transactions, according to a report released Monday by the Charleston Trident Association of Realtors.
The median price for last month was $216,250. That was a gain of about 3 percent, from $209,250 a year ago.
"Our housing market continues to be where the economy experts thought it would be - steady, sustainable growth in both closed transactions and median price," Corwyn Melette, the association's president, said in a statement.
The group also noted that the amount of available inventory continued to edge higher. At the end of last month, 5,961 homes were classified as being for sale in the association's Multiple Listing Service database, about 200 more than the year-earlier period.
"With five straight months of inventory growth - albeit small, single-digit percentage growth - some prospective buyers, who may not have found what they were looking for in the spring, should take another look and see if they find something that fits their needs now," Melette said.
The most active sales markets in the region were Mount Pleasant, with 230 sales last month, and the Summerville/Ridgeville area, with 131 transactions.
Home sales have been boosted from the region's population growth, a stabilizing economy and low interest rates.
While the number of closings continues to rise, the pace is slowing.
A year ago, sales were up 24 percent and prices had risen 10 percent for the first seven months of the year.
For the same period of 2014, the association reported 8,016 home sales, or 8 percent more. The median price for the January-July period also was up 8 percent to $216,250.
David Kent of The Real Buyer's Agent said he's noticed the gradual slowdown in the market while also noting that double-digit growth rates aren't healthy or sustainable. For the moment, he said, a lack of newly built homes in convenient locations could be a challenge for the industry
"I'm starting to sense that people are tending to want to be closer in, and they're willing to pay more and get less," Kent said Monday.
Also, the association revised its June sales data, saying 1,423 homes sold at a median price of $227,500.
Contact John McDermott at 937-5572.
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