South Carolina has had the fewest number of home sales so far in 2023 since 2019. The drop can be traced back in part to the Covid-19 pandemic, some industry experts say, as changes in spending patterns continue to contribute to spiking home costs.
The State newspaper reported that according to the latest state Realtor data, “11,101 homes have been sold in the state in 2023 as of the end of February, a 28.4% year-over-year drop in sales. The last time the state had fewer sales over the same period was in 2019 when 10,680 homes were reported sold.”
South Carolina’s median sales price for homes in 2023 was $302,940 as of the end of February, a 4% year-over-year increase. But in 2019, the median sales price was only $199,900 for the same period, according to a report by The State.
While price jumps had begun to level out, the recent historic collapse of the Silicon Valley Bank in California could trigger new waves of problems for the housing market nationwide. The collapse is poised to dramatically influence consumer confidence levels, experts say, which could lead to an economic recession that would negatively impact the demand for housing.
Nationally, housing costs are trending downward, with sales increasing. According to a report from national real estate site Redfin, median U.S. home sale prices fell 1.2% to $386,721, the first year-over-year decline since 2012.
In other headlines:
Lowcountry’s Coastal Community Foundation receives $2M for local investments. Coastal Community Foundation is now geared to invest in minority-owned and small businesses and provide more resources to develop affordable housing thanks to a $2.174 million grant announced today.
Septima Clark’s life, legacy topics in CofC panel discussion. The recently unveiled mural of Septima P. Clark in the Education Center at the College of Charleston will serve as a backdrop for a March 28 conversation on the civil rights icon’s life and legacy.
S.C. schools see fewer teacher vacancies, but numbers still high. The number of public school teacher vacancies in S.C. schools is declining, but the number remains high.
Santee Cooper board gives CEO $242k bonus, others to get pay raises. Santee Cooper’s senior managers are in line to receive 6.5% raises to make their pay levels more competitive, while the utility’s top executive is looking at a six-figure bonus.
MUSC sees rise in child deaths mirroring national trends. Doctors at MUSC’s Shawn Jenkins Children’s Hospital in Charleston report they are seeing an increase in child mortality cases amid a dramatic national rise.
Lawyers blame ‘systemic failure’ for Charleston County inmate’s death. Lawyers who represent the family of an inmate who died late last year at the Charleston County jail say the coroner took a rare, but important step this week.
Ravenel Oks proposed 350-home development with restrictions. A new, 750-acre housing development planned on the edge of the small town southwest of Charleston is one vote away from being approved, but it will come with certain restrictions.
- To get dozens of South Carolina news stories every business day, contact the folks at SC Clips.
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