Expectations of a rousing spring housing market continued to be on hold in May as sales still struggle to shake off some economic blues.
May housing stalls in Columbia, state
South Carolina Sales
May 2013: 6,305
May 2014: 6,164
Change: -2.2 percent
May 2013: $150,000
May 2014: $160,900
Change: +1.2 percent
Home sales fell in the Midlands during May to 909 units just when the housing market was supposed to deliver a spring bounce. A year ago, Midlands May home sales registered 957 units sold in a stronger first quarter where 1,878 units traded hands – 2.8 more than the 1,826 sold in first quarter of 2014.
Prices found a way to forge forward slightly in the Columbia area in May, though not nearly at the pace some may have expected. The median home price in the Midlands rose to $150,000, up from $146,698 in May 2013. The median sales price in 2012 was $138,500, a happy direction for sellers.
More sellers were looking to get in on the goodies in May than previously, as new listings rose 14 percent to 1,731 units. May 2013’s 1,519 new listings were up just 5.7 percent over May 2012’s 1,437 new listings.
The number of pending sales – where a contract has been signed on a house but the deal has not yet been closed – rose nearly 2 percent in May to 962 homes. While the cold winter weather was expected to usher in a sales thaw, other economic factors such as wage stagnation have become bigger issues.
The months’ supply of inventory continued to drop from a year ago toward the six-month supply experts say represents a healthy market, split between buyers and sellers. Two years ago in May 2012, the months’ inventory hovered near 14 months. However, inventory was a full month higher in May than at the end of last year.
Source: S.C. Realtors trade group