S.C. HOME PRICES UP SLIGHTLY IN Q1, DOWN 3% FROM PAST YEAR

 Single-family home prices in South Carolina fell 3.12% in the past 12 months but gained 0.39% in the first quarter of 2009, according to a report released today by the Federal Housing Finance Agency.

The housing price index report ranked South Carolina 20th in home appreciation for the past year, based on sales of certain existing single-family homes.

Nationally, home prices declined 7.14% in the past 12 months and 0.55% in the first quarter of 2009. The quarterly decline was much smaller than the 3.3% price decline reported for the nation’s homes in the fourth quarter of 2008.

In South Carolina, home prices fell 3.5% in the fourth quarter of 2008, according to the previous housing price index report.

Homes in the Midlands and Upstate metro areas mostly gained value over the past four quarters. Meanwhile, homes in the coastal metro areas included in the report lost value.

National and state-level data in the Federal Housing Finance Agency report come from sales of existing single-family homes with conforming, conventional mortgages purchased or securitized by Fannie Mae or Freddie Mac. Metro area data also include appraisals used for refinancing.

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