The Post and Courier recently reported that two expert economists agreed at the 2012 Year in Review Residential Market Update that as long as job growth continues, Charleston home sales and prices will continue moving upward. Dr.
Joseph Von Nessen from the Moore School of Business at USC and Steve
Slifer of Charleston-based NumberNomics presented their
staticstically-backed forecast to the Charleston Trident Association of Realtors this week.
article also stated that the Charleston housing market has been
showing an upward trend. According to the association, 10,574 homes
sold in 2012, the most since 2007, when 12,921 homes were sold. The
median home price last year increased almost 5 percent higher than 2011
to $190,065. Â Local home sales are rising again as inventory levels
are dropping, putting upward pressure on prices.
to the article, Slifer said he predicts 30-year mortgages rates will
dip down to 3 percent this year. And, Von Nessen said home sales have
already hit bottom, which will help move the market along.
Association provided its members with slides from the Market Update.
The slides highlighted these additional points of interest:
Demand has created a shortage of rental properties which is pushing
rent fees up. Â Rental vacancy rates have fallen sharply and are the
lowest in a decade.
After a big drop, home prices hit bottom in January 2012. Since that
time they have been climbing at a 7 percent annual rate. As prices
climb, fewer homeowners will be upside down and fence-sitters will be
encouraged to buy.
Slifer offers his take and forecast on what our current government
administration needs to do to bring down the deficit and achieve a
balanced budget. Â