Industry News

South Carolina home sales plummet

Activity significantly weaker in coastal markets

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Home sales in South Carolina dropped 13.4 percent in July from their year-ago level, while the median home price maintained annual growth, the South Carolina Association of Realtors reported. Realtors recorded 6,166 sales in July, down from 7,122 in July 2005. A total of 41,457 homes were sold year to date, which is 0.7 percent below the 41,746 sales during the same period last year. The overall median price for single-family, condo and villa homes was $165,500 in July, up approximately 11 percent from a year earlier when the median was $149,100, but down from June's median of $170,000. Among the areas reporting the largest declines in sales compared to a year ago were: the Hilton Head area, down 66.3 percent; Coastal Carolinas (Myrtle Beach, N. Myrtle Beach, Conway and Georgetown), down 42.7 percent; and Cherokee County, down 29.7 percent....