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South Carolina sees positive signs in real estate

In South Carolina, the recession hit hard. A major part of determining the value of an area and the economic value and outlook of that area is the real-estate transactions that take place. Fortunately, the South Carolina Department of Commerce has reported that the March Economic Outlook report is optimistic.

The best part of this report is that the South Carolina Leading Index has been able to move to a value above 100. When an area has a value over 100, it means that there should be growth over the next three to six months. The SCLI also looks into economic behavior and gives a forecast for that behavior. Once this is done, it's easier to see the condition of the state's economy.

That information includes employment, unemployment, real estate numbers, and personal income. The SCLI has risen by 0.39 points in this case partly due to the fact that the rising valuations of permits for new residential construction has impacted it. Additionally, there have been fewer unemployment insurance claimants, which directly impacts the SCLI.

The Pee Dee, for example, saw a rise in home sales activity reportedly at 1.5 percent. In Greenville, Columbia, and Spartanburg, there has been a decrease, however, and that has been one of almost 4 percent. According to the news, the median sale price for a home in South Carolina has increased by 3.7 percent from $149,000 to $154,500, which is good for residential areas and positive for commercial areas since there is an influx in money in the surrounding economy. Building permits are also up from March of 2013, with the amount rising by 18.6 percent. Greenville, Myrtle Beach, and Charleston have seen the highest demand for building in their areas.

Source: SC Now, "South Carolina Commerce Department sees positive signs" John D. Russell, May. 06, 2014

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