Home construction booms, realtors 'cautiously optimistic' - WMBFNews.com, Myrtle Beach/Florence SC, Weather

Home construction booms, realtors 'cautiously optimistic'

MYRTLE BEACH, SC (WMBF) - The housing market has seen another solid month of price increases in the Grand Strand and nationally home prices are at their strongest in five years. But realtors are still keeping a careful eye on the markets so as not to fall into another housing bubble.

"Year-to-date sales are 21.8% higher than this time last year, that's great news," said Blake Sloan with Sloan Realty Group.

Some of the strongest increases are in new home construction, which Sloan says is exploding across the Grand Strand.

"The hottest areas we've seen are Carolina Forest and within the Myrtle Beach city area."

New home construction in the Market Common is even bringing new business to the area. Common Liquors opened up on Farrow Parkway in response to several new housing developments on the road.

"The people who live here come by on their golf carts, bicycles, roller blades, everything," said West Rickmoni.

Even with strengthened home sales and construction, Sloan says cautious optimism in the name of the game, especially because increased home prices contributed to the housing bubble burst of 2007.

"We've just seen in the past few months, decreases in 11 of the top 100 metropolitan areas," Sloan said. "but we haven't had that big impact here locally."

Copyright 2013 WMBF News. All rights reserved.

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