Looking at several reports on US home prices and comparing them to real estate market conditions in Upstate South Carolina:
I know it is 2012. But if we look at what CoreLogic had to say and compare and contrast to local market conditions in Upstate SC then we can get more insight that will help buyers and sellers…
On Monday, CoreLogic released their November 2011 Home Price Index and it shows that U.S. home prices decreased 1.4% on a month-over-month basis. This is the fourth consecutive monthly decline for home prices for the entire U.S.
According to the CoreLogic Home Price Index, U,S, home prices, including distressed sales, declined by 4.3% on a year-over-year basis in November 2011 compared to November 2010. Excluding distressed sales, year-over-year U.S. home prices declined by 0.6% in November 2011 compared to November 2010.
Before I get into the data from the WUAR MLS, I must mention that CoreLogic said that home prices in South Carolina were up 2.8%. Now onto to the more local information:
Median Home Price for Anderson, Oconee & Pickens Counties
|December 2011||November 2011||December 2010||November 2010|
It does look scary for Upstate SC! However this is the Median Home Price for 3 counties and will not tell you everything you need to know about the value for 1 specific home. To find out the market value a specific home takes more. We must look at:
- Similar home that have sold in the past 90 days
- Similar homes that are on the market today
- Homes that expired or were withdrawn
Sadly, what a home sold for several years ago does not tell us what it will sell for today. What a home appraised for 3 years ago means nothing today. The real estate market and home prices are constantly changing!
I think we are all ready to see serious real improvements in the economy and real estate. So when we hear someone forecasting stability it tends to be what we want to hear. Only time will tell if it is true.