According to a recent article published by the Post & Courier, home sales in South Carolina reached new heights in 2017.
A robust job market and higher incomes in a booming economy led more people across South Carolina than ever before to lay out money last year for what is usually the biggest purchase of their lives — a house.
Real estate transactions across the Palmetto State climbed 4.5 percent as 83,570 homes changed hands in 2017 throughout the state, according to the Columbia-based S.C. Realtors Association.
That’s the highest number since the peak before the recession of 74,829 in 2006, a year before the housing market crashed and the Great Recession began.
“South Carolina’s economy is growing and continuing to add jobs, and mortgage interest rates will remain near historic lows,” said Kremydas, the S.C. Realtors chief executive officer. “The real drag is inventory. Tight inventory will remain tight, despite increases in new construction. This ongoing inventory shortage will result in home prices continuing to increase as well.”