Columbia, SC (WLTX) - Home buyers and real estate developers across the Midlands may have noticed an increase in home prices recently as the struggling economy shows signs of recovery.
However, there may not be enough homes to supply, and it has some worried we may see another housing market bubble like we did in 2007.
"Columbia is number eight in number of transactions,"says Jill Moylan, owner and broker in charge of Home Advantage Realty said.
She says in Columbia and the Midlands in general, developers again appear to be profiting. However, recent legislation is helping to assure the home market won't revisit the recession.
"Now it's more difficult but not as difficult as it was at the height of the recession," Moylan said. "Banks are still willing to work with buyers who may not have perfect credit scores."
An artificial price fix instituted by the Federal Reserve is holding interest rates low. That's making private home loans more available to buyers.
"I have been involved in real estate in Columbia for over 20 years, and have never seen a busier time than we are seeing right now. I feel that we're definitely making a rebound," Moylan said again.
The most recent numbers released by the South Carolina Association of Realtors illustrate that trend. They show South Carolina single-family home sales experiencing a jump, increasing by nearly $4,000 since this time last year, a 2.4% bump. The amount of homes available on the market during the same period is falling, though. Since this time last year, the figures show a sharp decline in the number of single-family homes available. Those fell by nine percent.
It may help to serve as a stark reminder of the rise and fall of housing markets.