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Survey: Upstate home prices increase year-over-year

Real Estate - Residential
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According to recent data, home prices, including distressed sales in the Greenville-Anderson-Mauldin metropolitan statistical area, were up 5.3% year-over-year in the month of April and increased 0.9% from March to April.

Property information and data provider CoreLogic found home prices nationally increased by 6.9% year-over-year in April and 1.6% from March to April.

“Mortgage rates in April dipped back to their lowest level since November of last year, spurring home-buying activity,” said Frank Nothaft, chief economist for CoreLogic, in a news release. “In some metro areas, there has been a bidding frenzy as multiple contracts are placed on a single home. This has led home-price growth to outpace rent gains. Nationally, home prices were up 6.9% over the last year, while rent growth for single-family rental homes recorded a 3% rise through April, according to the CoreLogic Single-Family Rental Index.”

In South Carolina, home prices ticked up 5.8% year-over-year which was higher than North Carolina’s 5.7% increase, Georgia’s 5.6% increase and Tennessee’s 5.1% increase.

Washington state recorded the largest year-over-year increase in April at 12%. Home prices in Utah went up 10.1% and 9.1% in Oregon. Michigan and Colorado had increases of around 8.8%.

“Interest rates on fixed-rate mortgages are down by one-fourth of a percentage point since mid-March, just in time to support the spring home-buying season,” said Frank Martell, president and CEO of CoreLogic. “Some metro areas have low for-sale inventory, short time-on-market trends and homes that sell above the list price.”

The Denver-Aurora-Lakewood, Colo. metropolitan statistical area had the largest year-over-year increase in home prices of any area nationally at 9.3%. Las Vegas-Henderson-Paradise, Nev. had a 7% increase while Los Angeles-Long Beach-Glendale, Calif. prices jumped 6.2%.

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