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Monthly Indicators U.S. existing-home sales slipped 1.0% month-over-month and were down 6.2% year-over-year as of last measure, while pending sales jumped 8.3% from the previous month, marking the largest gain since June 2020, according to the National Association of REALTORS® (NAR). Mortgage rates have dropped significantly from their peak last fall, and homebuyers are beginning… Read more »

Hello REALTORS®, Your SC REALTORS® Association is unparalleled in their advocacy of Realtor issues at the SC State House and in state government.  The SC Advocacy Team is chaired by Hilton Head Island Realtor Brian Kinard and led by Chief Advocacy Officer Lindsay Hutto.  The SCR Legislative Committee has 17 members from around the state,… Read more »

Hello REALTORS®, Last week, I shared with you building permit data across the Upstate.  Overall, building permits are up 16.5% since 2018, although they seem to have leveled off after the crazy year—2021.  In fact, it looks like 10,000 to 11,000 new housing starts across the six Upstate counties is the new normal, about the… Read more »

Hello REALTORS®, Fortunately, the Federal government didn’t shut down last weekend.  President Biden signed another continuing resolution to fund the government, and extend the Federal Flood Insurance Program, until mid-March.  Building Permits We often use building permit data to help us advocate for Realtor interests with local government.  It pays to keep accurate data.  And… Read more »

Hello REALTORS®, Government can be slow to get started in a new year, but when it comes to real estate issues, it has been anything but slow these first two weeks of 2024.  Below is an update on several issues on which we are working. Congress Congress is again bumping up against a deadline to… Read more »

Monthly Indicators U.S. existing-home sales rose from a 13-year low, climbing 0.8% from the previous month and breaking a five-month streak in which sales declined, according to the National Association of REALTORS® (NAR). Despite the increase, sales were down 7.3% compared to the same period last year, as affordability challenges continue to hinder prospective buyers…. Read more »

Hello REALTORS®, ‘Tis the Season…for business licenses at least.  Most cities in South Carolina require a business license to conduct business in their city.  Nearly all of them impose a business license tax as well.  The tax is not insignificant.  In fact, most cities receive a substantial portion of their revenue, sometimes as high as… Read more »

Hello REALTORS®, Happy New Year!  In my last report, I took stock of what we accomplished in 2023.  For my first Watchdog Report of the new year, I will preview what we expect in the governmental arena. Elections It’s obvious, but I think that elections will be the biggest story of 2024.  The Presidential elections… Read more »

Hello REALTORS®, In early November, I reported on our government affairs accomplishments during the last year.  You can read that report by clicking here.  (use attachment or link to the blog post from November 2) One thing you can be certain of, government never takes a break.  And with the number of jurisdictions where we… Read more »

Monthly Indicators Low inventory, elevated sales prices, and decades-high interest rates continue to weigh on the housing market, causing sales of existing homes to fall to their slowest pace since August 2010. According to the National Association of REALTORS® (NAR), U.S. existing-home sales declined 4.1% month-over-month and 14.6% year-over-year as of last measure, as prospective… Read more »