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Home prices grow in South Carolina as the economy improves

When you think about home prices rising quickly, where do you think that's the case? Maybe New York City or in Los Angeles, right? Surprisingly, home prices are rising the fastest in Colorado and South Carolina. Best of all, home prices in the United States have risen for the 37th month in a row in March 2015, showing that the economy is still turning around and becoming stronger.

Five states have had declines in their home values. These include Florida, Nevada, Rhode Island, Connecticut, and Arizona. With the sale of distressed properties included, five states with growing prices year over year include Colorado with a 9.2 percent increase, Kansas with an 8 percent increase, Nevada with a 7.6 percent increase, Texas with an 8 percent increase, and South Carolina with a 9.1 percent increase.

If you take away the sales of distressed sales, then you'll find that South Carolina is still in the top five for states with the largest increase in home pricing. Over the last 12 months, it has seen an increase in prices of 8.2 percent. What does that mean for you as a homeowner? Prices are continuing to grow, so your home could be increasing in value month over month.

This still may be a buyer's market if your house is not yet worth what it used to be, but soon you could find it has increased in value over your purchase price and the cost of your mortgage, making it a better time to sell. If you decide to sell your home or want to buy a new one, it's important to watch these trends to find the areas where you can get more for less.

Source: 24/7 Wall St., "Home Prices Rising Fastest in Colorado and South Carolina," Paul Ausick, accessed May. 27, 2015

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