September and October show first signs of a turning point for home sales in the greater Charleston, SC area. For months the Tri-County area has seen negative monthly growth when compared to the same month in the previous year. In November of 2008 the home sales were -45% below November of 2007. The market has shown significant growth from a low of -45% to high of +15.5%in October. I expect November and December to also show positive growth.
The Government has added a real estate stimulus by extending the $8,000 Tax Credit for qualified first time buyers to April 2010. The new legislation has added a new Tax Credit for current home owners up to $6,500. Click here to see the new incentives
Paul Kedrosky reports a recent study by Moody’s (of all folks) that looks at that precise question: When will collapsed U.S. real estate prices regain their prior peaks? Paul reports that SC will return to its peak 2005 sales levels prior to 2014 while other states may take beyond 2023.
