A software failure at S.C. Realtors last week made it look like home sales in the Columbia area were in the cellar.
In reality, Midlands’ Realtors has their best month all year in October, and sales could go through the roof in the coming months.
Sales increased to 883 properties, or 19 percent, in the Columbia area from the same month the previous year, according to a revised report released Friday by the trade group.
And pending sales - in which a contract has been signed, but the deal has not closed - skyrocketed 103 percent to 1,510 during the same period.
Median prices, meanwhile, continued their upward trend in the Columbia market, increasing 3.1 percent to $146,337 from $142,000 in October 2013.
The initial October monthly report put out by S.C. Realtors Nov. 17 had to be revised, the group said, after a new computer application created for the Columbia Consolidated Multiple Listing Service failed on the day the report ran.
The revised report said the pace of home price acceleration in the Columbia market in normalizing. While sales have been down nearly every month in 2014, home prices have risen nearly every month since last fall.
New listings were down 7.1 percent in October to 1,283 units, while months supply of inventory fell to a 7.2 months supply, an indication demand is outpacing supply, the report said. A balanced market has roughly a 6-month supply of homes, experts have said.
Statewide housing figures for October were not released this month due to technical glitches, the Realtors group said.
Nationally, the real estate picture is brightening, the report said.
“Inventory levels are increasing in most metro areas, driven higher by rising prices and more confident sellers,” the revised Realtors’ report said. “Homes are still selling quickly and for close to or even above list price.”