Housing market faces seasonal slowdown, but remains strong.

The Federal Reserve Bank of Richmond, in its monthly update of the fifth district, provided an October snapshot of the residential real estate market in South Carolina.

The state issued 3,612 new residential permits in August, up 19.6% from the prior month and up 13.4% from a year earlier. Permitting activity rose in every metropolitan statistical area in August with the Greenville MSA issuing the most permits at 908. Housing starts in the state totaled 40,700 in August, up 23.3% in the month and up 25.3% from last August. Home values in the state appreciated 0.1% in July and 5.1% on a year-over-year basis. House prices increased in every mero area in the month except Florence and rose in every MSA on a year-over-year basis, according to the Federal Reserve Bank's report.

The real estate market in the Upstate is still very strong, according to Danny Joyner, president and CEO of Berkshire Hathaway Homeservices C. Dan Joyner Realtors in Greenville.

"The biggest obstacle that we currently face is the extremely low level of inventory. We are still seeing many deals with multiple offers from consumers who find very little product to choose from," Joyner said in an email to GSA Business Report.

Joyner said activity "seems to have slowed a tad over the last few weeks as we await the midterm elections and also as we slip closer into the winter and the holidays which is typical for this time of year. Don't let that fool you though because it is still an extremely active market."

Joyner's comments came prior to the midterm election on Nov. 6.

A lot of apartment projects came online in a short period of time that caused occupancy rates to tick up a bit, "but those seem to have stabilized at this point," Joyner said. He said there is a continued strong demand for condos.

David Crigler, COO...