February home sales in the Greater Columbia area fell 3.3% compared to where they were a year ago, according to a news release from the South Carolina Realtors.
The Columbia-based trade group reported 730 homes were sold in February, compared with 755 in 2015. Despite the drop, year-to-date home sales for Greater Columbia area totaled 1,492 homes, up 3.2% from last year.
For the month, the median sales price rose to $154,250, a 2.8% increase over the February 2016 price of $150,000.
South Carolina Realtors said the market data indicate a continuing trend of price increases and inventory shortages.
"A projected increase in interest rates coupled with continued inventory shortage could result in higher prices, thus impacting affordability in some areas," said CEO Nick Kremydas
The average number of days on the market fell 14.9% in the Greater Columbia area. Days averaged in February of 2015 was 98, while this February averaged 84. The year-to-date numbers fell from 95 in 2016 to 86 this year, a dip of 9.5%.
The state average of homes, condos and villas sold increased by 1.6% from February of last year. Year to date, the numbers are up 3.3%.