University of South Carolina's Moore School of Business has released a report on the South Carolina housing market that concludes the Palmetto State is doing well compared to the rest of the nation.
Some of the highlights are:
The South Carolina housing industry is doing well compared to
the rest of the nation. Housing prices have continued to appreciate
throughout the recession, and housing affordability is the highest
it has ever been in South Carolina. Housing in South Carolina is a
good investment.
South Carolina’s leading indicators are beginning to reveal that the
economic slowdown is bottoming out. Even so, expect a largely
stagnant economy for the rest of 2009 with minimal growth.
A slowly-recovering economy will not bring a return to the levels
of housing experienced in the 2003-2008 expansion. The housing
market in South Carolina and across the nation is establishing a
“new normal” level where the number of housing units demanded
will likely be between 40 and 60 percent of the market sales that
were occurring at the peak of the housing boom in late 2005-2006.
Economic growth beyond this point will be slow and steady as the
national economy rebounds.
Relative affordability in South Carolina will mean that the housing
industry will be among the first industries to experience growth as the economy recovers.
