CoreLogic: Charleston region home prices overvalued

The Charleston area is now one of seven metro regions in the U.S. with overvalued home prices, according to property information service CoreLogic.

The Charleston region is now part of a list it probably would rather not be on.

According to housing information provider CoreLogic’s Market Condition Indicators, the Charleston-North Charleston area is now among the top seven metropolitan areas in the country with overvalued home prices.

Four of the others are in oil- and gas-boom cities in Texas, where job and population growth have propelled home prices well above sustainable levels. They are Austin, Dallas, Houston and San Antonio.

The Lowcountry, where Boeing Co. builds airplanes and Daimler and Volvo plan $500 million new auto-manufacturing plants, is also experiencing a job and population boom. Unemployment for the Charleston area is down to 5.4 percent and the Charleston Metro Chamber of Commerce estimates the Lowcountry is gaining an average of 43 new residents a day.

“As home prices rose significantly since 2013, homes have become less affordable, and, therefore, home prices less sustainable,” CoreLogic said.

Median home prices in Charleston in 2013 were $206,530, according to Charleston Trident Association of Realtors. Last month, the agency reported the median home price was $220,000, a 6.5 percent increase over 2013.

The other two cities on the CoreLogic list are Miami and Washington, D.C.

KSQ Architects, a national architecture and engineering firm, has opened an office in Charleston after the former Clancy Wells Architects folded into the business.

Led by principals Mark Clancy and Steve Wells, the Charleston office will focus on serving current and prospective clients in practice areas that include the K-12, higher education, health care and mixed-use markets. Clancy Wells was established in 2005.

“The experience and knowledge Mark and Steve bring to our firm is pivotal to our growth in the Southeast,” said KSQ principal and director Armand Quadrini. “Both culturally and portfolio-wise, they are an excellent fit for us, and we look forward to our extended reach with their help.”

Clancy added, “This new relationship provides a wealth of resources and opportunities to broaden the scope of what we can provide our clients in South Carolina. With our established relationship with the staff in KSQ’s Charlotte office, we have all the ingredients here for future success.”

KSQ has other offices in Denver, Charlotte, Oklahoma and White Plains, N.Y.

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Cresswind at The Ponds now offers eight model homes catering to the 55-plus buyer in Summerville.

The Kolter Homes models at 324 Hundred Oaks Parkway are open 10 a.m. to 6 p.m. Monday through Saturday and noon to 5 p.m. Sunday. Models range from two-bedroom and two-bath units to three-bedroom and two-and-a-half-bath units. Models include garages.

Homes start in the low $200,000s. A fitness center will open in spring 2016.

Reach Warren L. Wise at 937-5524 or twitter.com/warrenlancewise.