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20% of S.C. homebuyers used FHA loans in Q3, RealtyTrac report shows

Real Estate - Residential
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By Ashley Heffernan
aheffernan@scbiznews.com
Published Nov. 11, 2015

Buyers using Federal Housing Administration loans accounted for 23.4% of all single-family home and condominium sales with financing in the United States during the third quarter, according to a report from housing data company RealtyTrac.

In South Carolina, 20.1% of sales during the quarter used FHA loans, which are typically used by first-time homebuyers and those with small down payments, the report said.

The national average sales price during the third quarter was $263,976, which is up 2.4% from the same quarter in 2014, according to the report.

“An increasing number of homeowners in 2015 have been cashing out the home equity they’ve gained during the housing recovery of the past three years,” RealtyTrac Vice President Daren Blomquist said in the report. “That may be a good decision because the data points to a plateauing market going forward. Home price appreciation is slowing, a trend that will continue if interest rates rise in the coming months as expected. Meanwhile, the threat of rising interest rates combined with lower premiums for buyers using FHA loans is spurring more demand.”

In South Carolina, 31.1% of homes sold in the third quarter were all-cash sales. That’s higher than the U.S. total of 27.8% all-cash sales.

The report said 1% of homes sold in the Palmetto State were purchased by institutional investors, who purchase at least 10 properties in a calendar year. The U.S. total for the third quarter was nearly 2%.

Q3 residential real estate data for select S.C. counties

Lowcountry Counties

Berkeley

Charleston

Dorchester

Q3 2014 FHA sales

94/16.7%

143/10.2%

139/25.2%

Q3 2015 FHA sales

125/25.2%

81/11.7%

136/24.6%

Q3 2014 cash sales

183/24.6%

540/27.9%

193/25.9%

Q3 2015
cash sales

117/19.1%

303/30.4%

177/24.3%

Q3 2014 inst. investor sales

30/4.6%

35/1.8%

34/4.7%

Q3 2015 inst. investor sales

6/1.0%

1/0.1%

8/1.1%

Midlands Counties

Calhoun

Fairfield

Kershaw

Lexington

Orangeburg

Richland

Sumter

Q3 2014 FHA sales

1/6.3%

1/5.9%

32/19.5%

134/20.2%

13/22.4%

196/22.9%

41/18.1%

Q3 2015 FHA sales

2/28.6%

-/0.0%

29/19.7%

212/28.2%

21/29.2%

15/40.5%

60/32.3%

Q3 2014 cash sales

5/23.8%

5/22.7%

116/41.4%

252/27.5%

61/51.3%

469/35.4%

165/42.2%

Q3 2015
cash sales

5/41.7%

1/2.4%

84/36.4%

280/27.1%

52/41.9%

25/40.3%

154/45.3%

Q3 2014 inst. investor sales

-/0.0%

-/0.0%

10/3.9%

55/6.2%

5/4.4%

87/7.0%

27/7.7%

Q3 2015 inst. investor sales

-/0.0%

-/0.0%

3/1.3%

14/1.4%

3/2.5%

3/4.8%

9/2.8%

Upstate Counties

Anderson

Cherokee

Edgefield

Greenville

Greenwood

Laurens

Oconee

Pickens

Spartanburg

Q3 2014 FHA sales

63/16.5%

7/13.0%

3/12.0%

258/17.1%

15/41.7%

16/20.5%

16/12.8%

50/16.4%

104/19.3%

Q3 2015 FHA sales

96/27.1%

6/15.4%

8/50.0%

14/18.7%

21/33.9%

9/13.8%

26/20.0%

88/23.9%

133/25.5%

Q3 2014 cash sales

218/36.4%

54/50.0%

12/32.4%

806/34.9%

53/59.6%

56/41.8%

123/49.6%

132/30.2%

425/44.1%

Q3 2015
cash sales

229/39.3%

22/36.1%

14/46.7%

37/33.0%

49/44.1%

71/52.2%

85/39.5%

172/31.9%

347/39.9%

Q3 2014 inst. investor sales

16/2.9%

1/1.0%

1/2.9%

117/5.3%

1/1.3%

4/3.1%

7/3.0%

6/1.4%

63/6.9%

Q3 2015 inst. investor sales

10/1.8%

-/0.0%

-/0.0%

4/3.6%

1/1.0%

-/0.0%

4/1.9%

4/0.8%

9/1.1%

Source: RealtyTrac

Reach staff writer Ashley Heffernan at 843-849-3144 or @AshleyBHeff on Twitter.

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