Median home price up 6% statewide compared with May 2013 figure

By Ashley Barker
abarker@scbiznews.com
Published June 25, 2014

The median sale price of residential properties in the Palmetto State last month was $133,000, up 6% from last year, according to data from RealtyTrac.

Single-family homes, condominiums and town homes in South Carolina sold at an estimated annual pace of 91,201 in May, according to RealtyTrac’s Residential & Foreclosure Sales Report.

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The housing data company said the pace is about the same as April’s estimate and 2% lower than May 2013. Nearly 10% of the property sales were short sales, real-estate owned sales or public foreclosure auction sales.

In the United States, properties sold at an estimated annual pace of 5.15 million last month, an increase of less than 1% from May 2013, and the median sales price was $180,000. The country’s median sales price jumped 13% from May 2013, marking the largest annual increase since U.S. home prices bottomed out in March 2012, RealtyTrac said.

The median price of distressed sales, which includes properties in the foreclosure process and bank-owned properties, was $120,000. About 14% of all U.S. residential sales last month were distressed and short sales, down from 16% in May 2013, according to RealtyTrac.

“Distressed sales continue to represent a smaller share of the overall sales pie nationwide, helping to boost median home prices higher given that distressed sales tend to be in lower price ranges,” Daren Blomquist, vice president at RealtyTrac, said in a statement. “When broken down by average price range, U.S. sales are clearly shifting away from the lower end. Properties selling below $200,000 represented 50% of all sales in May, but that was down from a 55% share a year ago. Meanwhile, the share of homes selling above $200,000 increased from 45% a year ago to a 50% in May 2014.”

Residential property sales for select S.C. counties


County

Charleston
Beaufort
Georgetown
Dorchester
Berkeley
Greenville
Lexington
Florence
Spartanburg
Anderson

Median price, May 2014

$260,500
$216,000
$206,000
$135,000
$130,000
$129,900
$111,000
$109,950
$79,950
$75,000

Median price, May 2013

$238,950
$235,000
$184,250
$143,000
$144,100
$136,000
$115,000
$86,508
$80,000
$65,000

Distressed sales, May 2014

7.9%
13.5%
6.8%
18.5%
14.1%
6.2%
11.4%
6.6%
10.9%
8.4%

Distressed sales, May 2013

11.9%
14.5%
4.2%
12.6%
17.9%
10.1%
14.3%
5.7%
9.1%
17.5%

Source: RealtyTrac

Reach staff writer Ashley Barker at 843-849-3144 or @AshleyNBarker on Twitter.

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