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South Carolina sees change in foreclosures, median housing costs

Knowing the state of the economy in your area is important if you need to sell or buy a home. Recent news has said that the median home prices in South Carolina have gone up 6 percent since last year, helping many people get more out of the sales of their homes. Better yet, those who struggle with foreclosure may have a higher value for their homes, making it easier to make back the money needed to get out of debt.

The median sales price of residential properties in South Carolina was $133,000 in May, and that's 6 percent higher than in May 2013. More interesting is the number of homes being sold. Single-family homes, townhomes and condominiums sold at an estimated annual rate of 91,201, RealtyTrac reports.

In the U.S. in general, properties sold at an estimated annual rate of 5,147,550. That, as far as the United States, is only a 1 percent increase from May 2013. The county as a whole has a median home sales price of $180,000. This is a 13 percent increase since May 2013 and the highest annual increase since March 2012 when home prices bottomed out.

The median price of homes that were in distress, those going through foreclosure or bank-owned properties was $120,000. The vice president at RealtyTrac claimed that the sellers with distressed sales typically sell at lower prices but have reduced in number, so that may have boosted the value of homes around the country. There has been a shift to higher values, as the number of properties selling under $200,000 was reported as 50 percent, but it had been 55 percent just a year earlier.

Source: GSA Business, "S.C. median home price up 6% from last year, sales pace slips" Ashley Barker, Jun. 24, 2014

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