Jump to Navigation
We can handle your closing anywhere in the state.
Subscribe to This Blog's Feed

Home prices rise in October, following months-long trend

Ever since the Great Recession began in 2008, observers have been keeping a close eye on our nation's home prices as a sign of recovery. After prices tumbled in 2008, many homeowners lost their houses to foreclosure or short sales - now, many people look at a rise in home prices as a sign that things are on the mend.

In fact, prices have been in the rise in recent months. Recently, the National Association of Realtors reported that in Oct. 2013, the average home price went up 12.8 percent over 2012. The large increase is encouraging, especially as it is the 11th straight month of double-digit price increases over the previous year.

The price jump, experts say, is the result of a reduced total inventory of homes for sale - many have been purchased in recent years, lowering the supply of homes on the market. As a result, prices have gone up.

This increase in prices had a depressing effect on the number of total home sales in South Carolina and across the country. The total number of homes sold dropped by 3.2 percent from Sept.2013 to October, a "flattening-out" that economists say is to be expected.

Of course, distressed sales were still a part of the equation, totaling approximately 14 percent of October's total sales. Distressed homes are those that have been sold through foreclosure or short sales.

Foreclosures totaled 9 percent of last month's sales. Short sales, a process in which homeowners reach an agreement with their bank to sell their home for less than the value of the mortgage, accounted for 5 percent of October home sales. Homeowners generally prefer short sales to foreclosure, but as these statistics show, banks may be reluctant to agree to the process.

Source: Boston Business Journal, "U.S. home sales decelerated in October, but prices continued to rise" Thomas Grillo, Nov. 21, 2013

No Comments

Leave a comment
Comment Information
Tell Us About Your Transaction

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

Visit Weeks & Irvine at One of Our Six Locations

North Charleston office 8086-B Rivers Avenue
North Charleston, SC 29406
Phone: 843-553-9800
Toll Free: 800-553-7449
Fax: 843-553-9804
Maps and Directions

Mt. Pleasant office
1100 Queensborough Blvd, Suite 102
Mt. Pleasant, SC 29464
Phone: 843-856-9800
Toll Free: 800-553-7449
Fax: 843-216-0930
Map and Directions

Mt. Pleasant North office
3040 Highway 17-A North, Suite B
Mt. Pleasant, SC 29466
Phone: 843-388-3250
Toll Free: 800-553-7449
Map and Directions

West Ashley office
873 Orleans Road, Suite 102 1/2
Charleston, SC 29407
Phone: 843-571-2996
Toll Free: 800-553-7449
Fax: 843-571-2998
Map and Directions

Summerville office
106 West 7th North St
Summerville, SC 29483
Phone: 843-875-7111
Toll Free: 800-553-7449
Fax: 843-875-7721
Map and Directions

Goose Creek office
567 Crowfield Blvd.
Goose Creek, SC 29445
Phone: 843-553-9100
Toll Free: 800-553-7449
Fax 843-553-9183
Map and Directions