When it comes to the latest trends in women's apparel, there's no better place to shop till you drop than Downtown Chucktown. And if you're searching for the finest threads in Mix Historic Charleston, look no further than Copper Penny - the Lowcountry's go-to shop for anyone that has a passion for fashion.

We have been dressing women in Mix Historic Charleston for over 34 years and offer upscale designer collections curated with a Southern eye. Here, women from around the United States discover sophisticated, effortless beauty for every season. Whether you're looking for a sassy new dress to impress that special someone or the perfect outfit for your next vacation, your options are endless at Copper Penny.

With easy-to-find locations close to Mix Historic Charleston's hottest spots, our curated selection of the newest, most popular women's clothing lines reflects the effortless glamour of Mix Historic Charleston. Whether you're a tidy professional or a fierce trend-setter, our goal is to help you find the perfect look for your own unique style. With designer brands like CK Bradley and Holst & Lee on hand year-round, finding your new look is easy and fun when you visit Copper Penny.

Our clothing lines give ladies a refreshing mix of one-of-a-kind authenticity with real wearability, allowing them to shine with confidence and style all year long. So, go ahead and spoil yourself - you deserve to look like a million bucks!

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Find the Perfect Dress to Impress

Diamonds are pretty and all, but honestly? Dresses are a girl's best friend. Dresses are fun, comfortable, and versatile. At Copper Penny, they're also fashionable and cute. We have a huge selection of women's dresses in Mix Historic Charleston, SC, from stylistic sheath dresses to drop-waist styles that will make your girlfriends jealous.

We offer several styles and shapes from which you can pick. Not sure what style fits best?

It all starts at the waist:

 Boutique Clothing Mix Historic Charleston, SC
 Boutique Dresses Mix Historic Charleston, SC

A-Line Waist

These dresses are made to fit your waist and then gradually flare out towards the hem. A-line dresses are excellent for minimizing thighs, hips, and midsections while pulling the eyes to your bust. This style of dress is a great fit for almost any body type. There's a reason why so many brides settle on A-Line dresses for their big day! With plenty of varieties, this is a kind of dress that you can wear again and again.

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 Cloths Shop Mix Historic Charleston, SC

Empire Waist

Like the A-Line style, empire dresses are made to fit through your bust. Rather than creating a distinctly angular shape like the A-Line, the Empire style flows from the bust down. This is another kind of dress that fits many body types. From curvy to apple body shapes, the Empire draws focus to your bust and minimizes everything else. For lovely ladies on the shorter side, this style defines your silhouette, especially if you choose a maxi length dress.

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 Cloths For Women Mix Historic Charleston, SC

Drop Waist

A throwback to the roaring 20's style flapper dresses, Drop Waist dresses look best on lean, athletic bodies that don't have too many curves in the hip area. The key to pulling off a Drop Waist style dress is to ensure that it's not hugging you. This dress is best worn when it is able to hang freely on your body.

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Once you know the kind of waist that fits your body type, it's time to find your shape. A few of our most popular dress shapes include:

Fit & Flare Dresses in Mix Historic Charleston

Any clothing store for women in Mix Historic Charleston, SC, worth its salt, will have plenty of fit & flare dresses for you to try. This common-shaped dress is one of the most popular on the market, mainly because they look great on every woman, regardless of age or shape. A timeless choice, fit & flare dresses fit through the bodice and flare out just below your hip. This helps develop a balanced, slimming silhouette for most women. If you want to accentuate your best assets and hide everything else, ask our experienced fashionistas to show you some the most popular fit & flare dresses at Copper Penny.
Time to start doing your happy dance! Fit & flare dresses have very balanced proportions, making them a true winner for every body type. Women with athletic builds love this dress for the extra curves. Women with apple-shaped bodies love how fit & flare dresses define their waistlines. Because this dress already looks like an hourglass on the hanger, it will be a natural fit for ladies with such a figure.
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 Clothing Stores Mix Historic Charleston, SC
 Fashion Stores Mix Historic Charleston, SC

Shift Dresses in Mix Historic Charleston

Shift dresses are typically rectangular in shape and tend to be comfy and forgiving since they aren't fitted. Also called a column dress, the shift dress is a great choice for polished professionals needing a conservative, fashionable outfit for work.
These dresses look fabulous on women with athletic, lean shapes and women with an apple-like figure. This kind of dress doesn't work well with a belt, so ladies with an hourglass figure may not be able to show off their curves in a shift. Try pairing this dress with a nice pair of heels for a beautiful new look!
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Wrap Dresses in Mix Historic Charleston

Wrap dresses are one of the most popular styles on the market, because they give ladies of most shapes and sizes a flattering, fashionable dress option.
If you have an hourglass, apple, or generally curvy body shape, you're going to love wrap dresses. This style of dress offers a natural waist while placing emphasis on your bust. Wrap dresses give you a balanced silhouette and, with a knee-length fit, are great for any type of color or style, both day and nightwear.
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 Fashion Boutique Mix Historic Charleston, SC

Timeless Tops for Every Style

Unless you're feeling extra sassy, chances are you're wearing a top at this very moment. Tops are garments that cover the top half of your body. At Copper Penny, we have an endless selection of tops in a wide range of styles - from basic tees to blouses and everything in between. If you're looking for the highest quality women's tops in Mix Historic Charleston, SC, you just hit the jackpot!

With that said, finding the right top for the right occasion is easier said than done. However, at Copper Penny, we make finding the right top fun. Whether you're looking for a top that makes a statement or you need a classic button-down for a subdued style, we've got your back. We only carry the most popular tops from the best brands and designers around the world.

 Ladies Clothing Mix Historic Charleston, SC

Here are just of our most popular tops:

 Online Boutique Mix Historic Charleston, SC

Women's Poplin Tops in Mix Historic Charleston

Sometimes called broadcloth tops, poplins have classic characteristics and are often woven with an over/under weave. This kind of weave gives more substance to your top while also giving you room to breathe. Poplin shirts are typically soft and smooth, and are great for everyday business attire, some formal occasions, and for certain ceremonies. Sweet and feminine, our Bruna poplin eyelet bib top features ruffles at the sleeves and an eyelet lace yoke at the front. Pair your poplin with your favorite pair of shorts or jeans for a contemporary, relaxed look.

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Boutique Mix Historic Charleston, SC

Women's Wrap Tops in Mix Historic Charleston

Great for wearing solo or layered over a camisole or tank top, wrap tops are lightweight, versatile, and great for many different occasions. Wrap tops go well with jeans, maxi dresses, and high-waisted jeans or trousers. Our V-Neck Wrap SLV Top by Jayden is uber-popular at Copper Penny and the perfect choice for dressing down or dressing up. The choice is yours!

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 Boutique Clothing Mix Historic Charleston, SC

Women's Off the Shoulder Tops in Mix Historic Charleston

For a dose of feminine fashion, be sure you add an off-the-shoulder top to your everyday wardrobe. A casual, sexy choice, off-the-shoulder tops have unique necklines that cut across your upper arms and chest, leaving your shoulders bare. The result is a flirty flash of skin, which elongates your neck and gives a relaxed, "daytime casual" look. Our Nola off-the-shoulder top pairs perfectly with shorts or even a flowy skirt and is hand-woven in Spain using Jacquard fabric.

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 Boutique Dresses Mix Historic Charleston, SC

Women's Tank Tops in Mix Historic Charleston

Who doesn't love a good tank top?! Tank tops are lightweight, versatile, and equally great for lounging in the yard or running errands on weekends. Tank tops lend an air of simplicity to your outfit and can be styled in endless ways. Take our Velvet Heart Victory Tank, for instance. This tank is a refreshing update on our classic sleeveless tank top, complete with fray details and a scoop neck. Throw in the fact that it's machine washable, and you have a wardrobe winner.

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Having trouble finding the best top for your size and style? As the most trusted women's clothing boutique in Mix Historic Charleston, SC, Copper Penny has helped women discover new looks in the Lowcountry for more than two decades. We take pride in providing a personalized, boutique experience for our customers. If you have questions, give us a call or swing by one of our locations. We would be happy to give you our professional opinion.

Until then, here's a quick guide you can follow to help you find the right fit for your women's top in Mix Historic Charleston:

How to Find the Right Fit for Your Women's Top

When choosing a women's top for your outfit, you have to consider how comfortable, confident, and beautiful you will feel. The best way to feel your best in an outfit is to make sure it fits correctly. To get started, you'll want to take your measurements. For most women's tops, the best areas to focus on are your hips, waist, and chest.

  • Hip Measurements: Measuring your hips is fairly easy. Take your measuring tape and use it to wrap around the widest area of your hips.
  • Waist Measurements: Take your measuring tape and place it at the very top of your hip bone. Wrap it all the way around your body. Try to keep your measuring tape in line with your belly button. For the most accurate measurements, stand up straight and breathe normally.
  • Chest Measurements: For an accurate chest measurement, take the end of your measuring tape and place it on the fullest area of your bust. From there, wrap the tape around your body, under your armpits, and around the blades of your shoulders. Then, wrap the tape tightly from the back of your body to the front, where you started.
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 Cloths Shop Mix Historic Charleston, SC

Need help measuring? Swing by Copper Penny and ask one of our friendly sales associates to help you out! While you're there, don't forget to check out our huge selection of women's tops in Mix Historic Charleston, SC.

Contact Us

Looking to take your style to the next level? You can also get in touch with a personal stylist directly from our website. With a personal stylist by your side, you can find stunning looks for specific occasions, using comfortable clothing in your favorite colors and cuts. Copper Penny is your one-stop-shop for fashionable, fun, fabulous designer clothing in Mix Historic Charleston. But don't take our word for it – come see for yourself!

Latest News in Mix Historic Charleston, SC

This South Carolina Town is the Kazoo Capital of the United States

The Mayor is the CEO of the kazoo factory. Really. Photo courtesy of John PowellThere’s just something about Beaufort, South Carolina. Old oak trees festooned with Spanish moss shade the quaint historic quarter. The words of famed Southern writer Pat Conroy seem to come alive in this place he loved so much. And the tides seem to whisper of ships seeking ...

The Mayor is the CEO of the kazoo factory. Really.

Photo courtesy of John Powell

There’s just something about Beaufort, South Carolina. Old oak trees festooned with Spanish moss shade the quaint historic quarter. The words of famed Southern writer Pat Conroy seem to come alive in this place he loved so much. And the tides seem to whisper of ships seeking harbor in days gone past. But, if you listen closer, that might not be history whispering to you. It might be the distinct humming tune of a kazoo instead.

Located in an industrial park a short drive from the historic district is Kazoobie Kazoos, one of only two kazoo factories in the United States. Kazoobie makes custom kazoos to the tune of one million a year, then invites visitors to build their own during a factory and museum tour. And Beaufort’s mayor, Stephen Murray, is its CEO.

Kazoobie Kazoos opened as an e-commerce site in 1997, began manufacturing in 2001, and moved home to Beaufort in 2009. By that time, the song of kazoos had already helped Murray, a Beaufort native, to see the country outside of the tidal creeks and islands of his home, thanks to the pied pipes of musician and entertainer Rick Hubbard.

While performing regularly in neighboring Hilton Head, Hubbard hired Murray on as tour manager and assistant for his popular The Kazoobie Kazoo Show with Rick Hubbard (which invites the whole family to get in on the kazoo action), and the two set off on what they thought would be a simple musician’s tour of the United States but instead would tune their lives forever to the joy of the humble kazoo.

They never really set out to make kazoos, but as Hubbard’s show grew and evolved, he soon became one of the biggest customers of a US kazoo factory, and when that factory decided to stop manufacturing, Hubbard bought all of its equipment and decided to build the best kazoo he could, with Murray at his side. After all this time, they knew what made a high quality kazoo.

“We use a medical grade of polypropylene—you can drive a Hummer on it and it won’t crack—and our mold also creates a thicker, stronger plastic, which yields better resonance,” says Hubbard. Then there are 14 different colors, mix and matching for the caps and instrument bodies, and a custom, “die cut, polymer membrane for the resonator—that makes our kazoo resonate vibrantly.”

You’ll learn this much and more during a factory tour, as well as see the history of kazoos in a small museum redesigned during the height of the pandemic by Kazoobie friends and artists Boaz Frankel, Melanie Von Trapp, Charlie Wagers, and Ed Kulisek. There, you can see historical kazoos (the instrument was invented in the 1840’s), a timeline of the kazoo in pop culture (Jimi Hendrix, in fact, has a kazoo connection), and other interesting tidbits about the mini organ.

Sarah Barnwell, marketing director at Kazoobie, runs most of the tours and is proficient not only at helping people find their inner kazoo master, but also running the Instagram account like a puppeteer and building art out of kazoos, including the massive American flag featured on a wall of the museum.

“One of the questions we get a lot is "Does the noise get on your nerves?’,” she says. “We have a lot of fun but also work very hard getting these kazoos shipped worldwide. Even when a bad day happens, because sometimes they do, there is something magical watching folks play the kazoo; it washes away the remnants of a bad day.”

And when that doesn’t quite cut it, there's always “Lovin’ You” by Minnie Riperton, one of their favorite songs to play around the factory, with kazoo accompaniment of course.

“The kazoo is a silly instrument, and working with Rick and seeing the joy and fun that kazoos can create, it spans generations,” says Murray. “I think that today we aren’t as intentional with joy as we should be. Kazoos are counter culture, sure, but they’re woven into pop culture, from Jimi Hendrix to Jimmy Fallon.”

And the tune plays on in Beaufort, sure, a little off key, and a lot breathy, but with a hefty dose of silly fun—fun you can add your tune to, too.

A native North Carolinian, Stephanie grew up in Charlotte, North Carolina, on good Southern cooking and lots of books. She received both her BA and MA in English from UNC Charlotte and was a former instructor of English and American Studies there as well. Writing has led her to some interesting places: haunted houses on lonely country roads, white, sandy beaches on the West coast of Florida, and dinner at lots of tables of Southern food, but if you get her started talking about it, it’s hard to get her to stop. Therefore, it’s best to discuss movies or gardening with her at a dinner party. She doesn’t write much about those. Her work has appeared in numerous publications, including Paste Magazine, The Local Palate, The Post and Courier, and The Hollins Critic.

Quarterra Multifamily Announces Topping Off at Cormac Apartments

Mid-Rise Mixed-Use Community to Bring 303 Apartment Homes to Charleston's Growing Upper Peninsula DistrictCHARLESTON, S.C., Aug. 31, 2022 /PRNewswire/ -- Quarterra Multifamily (QMF), a subsidiary of Lennar Corporation and a vertically integrated multifamily apartment builder, developer, and asset manager along with inve...

Mid-Rise Mixed-Use Community to Bring 303 Apartment Homes to Charleston's Growing Upper Peninsula District

CHARLESTON, S.C., Aug. 31, 2022 /PRNewswire/ -- Quarterra Multifamily (QMF), a subsidiary of Lennar Corporation and a vertically integrated multifamily apartment builder, developer, and asset manager along with investment partner Cresset Real Estate Partners, today announced it has topped off Cormac, a mixed-use apartment community on Charleston's upper peninsula, in the rapidly growing North Morrison "NoMo" neighborhood. Cormac represents the first joint venture between QMF and Cresset Real Estate Partners and was capitalized in their Cresset Diversified Qualified Opportunity Zone (QOZ) Fund I.

Cormac – featuring 303 apartment homes and 13,068 square feet of retail space, as well as a pair of public ground level courtyards – will bring an unprecedented level of modern living to the burgeoning NoMo district. The midrise community's unique and enviable location puts residents within easy reach of employment centers, dining options, as well as entertainment and sporting venues, and provides prime access to Downtown Charleston, Mt. Pleasant, Park Circle in North Charleston, and West Ashley.

"We are pleased to participate in the exciting transformation taking place in Charleston's Upper Peninsula district," said Jeff Harris, Quarterra Division President, Carolinas. "Cormac will provide thoughtfully designed homes with first class finishes and state of the art amenities. The ground floor retail will bring attractive retail and dining offerings right to our residents' doorstep in addition to the existing retail offerings within the neighborhood."

Situated at 1310 Meeting Street Road, Cormac is central to regional employment, shopping, dining and entertainment options. The retail shops at King Street, East Bay Street, Historic Charleston City Market, West Edge and Mt. Pleasant Town Center are all a short drive away. Local hot spots such as Butcher & Bee, Edmund's Oast Brewing Company, Home Team BBQ, Revelry Brewing and Brewlab Charleston are just blocks away. Cormac residents will also find themselves in close proximity to several entertainment venues, including Charleston Gaillard Center, Festival Hall, Music Farm, Credit One Stadium, North Charleston Coliseum, TD Arena and Joseph Riley Baseball Park.

Cormac's location on Meeting Street Road (U.S. Highway 52), is less than a quarter mile from Interstate 26, and approximately 1 mile from Ravenel Bridge – which leads to – creating exceptional connectivity to employment centers in Downtown, , and . Residents will have access to a controlled-access three-story above-grade parking facility, as well as on-street parking and 19 electric vehicle charging stations.

Residents will also enjoy a full amenity lineup which includes an eighth-floor rooftop terrace complete with butler kitchen and spectacular views of and the Ravenel Bridge. The fourth-floor features three elevated courtyards – one of which is highlighted by a resort-style pool and clubhouse. The clubhouse will be home to multiple coworking spaces. A state-of-the-art fitness center with a flex fitness/yoga studio, a bike storage room, package lockers, rentable storage spaces and a podcast studio will all be at residents' disposal, as well.

Quarterra creates extraordinary communities where people can live remarkably

Cresset Real Estate Partners leverages decades of relationships with industry-leading developers to secure off-market opportunities with advantageous structures. Our flexibility and speed allow us to capture desirable investments. Cresset Real Estate Partners currently oversees a portfolio of more than . To learn more, visit .

‘Significant work to be done’: SC Dept. of Education releases college, career assessments

CHARLESTON, S.C. (WCSC) - South Carolina’s Department of Education says the state’s schools showed progress in making sure students are prepared for college and careers, but acknowledged more still needs to be done.The state released results for Ready to Work and End-of-Course Examination Program assessment tests taken for high school courses in the 2021-2022 school year.“Preparing students to meet college- and career- readiness standards must not just be an aspiration in our state. It’s a responsibility...

CHARLESTON, S.C. (WCSC) - South Carolina’s Department of Education says the state’s schools showed progress in making sure students are prepared for college and careers, but acknowledged more still needs to be done.

The state released results for Ready to Work and End-of-Course Examination Program assessment tests taken for high school courses in the 2021-2022 school year.

“Preparing students to meet college- and career- readiness standards must not just be an aspiration in our state. It’s a responsibility that all of us must play a role in, as we pursue meaningful solutions,” Education Superintendent Molly Spearman said. “This is just one measure of student performance that we will use to guide the work ahead. We will build on the progress and look forward to exploring and pursuing meaningful actions that will make an impact on student achievement.”

The End-of-Course Examination Program provides tests in high school core courses and for courses taken in middle school for high school credit. The program tests the following subject areas: Algebra 1; English 2; US History and the Constitution; and Biology 1.

SubjectNumber Tested in 2019Number Tested in 2021Number Tested in 2022Mean Score 2019Mean Score 2021Mean Score 2022
Algebra 161,27852,61064,93468.3465.8468.12
Biology 157,52151,52960,33168.7665.2766.14
English 159,365328N/A73.4954.58N/A
English 2N/A49,71159,698N/A76.5476.52
U.S. History/Constitution52,21145,25353,11369.0364.5965.07

The mean score for Algebra increased from 65.84 in 2021 to 68.12 in 2022, nearly returning to the pre-pandemic mean scores of 68.34. Biology and U.S. History mean scores also increased in 2022 but were lower than in 2019, while English 2 mean scores were nearly identical at 76.54 in 2021 and 76.52 in 2022.

“We acknowledge the growth and improvement shown in the results as compared to 2021, but we also recognize that there is significant work to be done,” Spearman said.

Program data by subject showed mixed results. While the number of students scoring F decreased in all subjects but U.S. History, the percentage of F scores remains significant in Algebra (34.01%), Biology (42.52%) and U.S. History and the Constitution (43.55%). Nearly 16% of students taking the English 2 EOCEP exam scored F.

The Ready to Work program is a career-readiness assessment that was administered to all 11th-grade students for the first time in the spring of 2018 to determine student achievement in three key subjects: Applied Mathematics, Reading for Information, and Locating Information. It also includes the Essential Soft Skills assessment that provides information about a student’s skills in areas such as problem-solving, goal setting, decision-making, and self-direction. These skills play a vital role in workplace success.

Of the 6,616 students tested in 2021-2022, 62.2 percent earned certificates.

R2W provides a customized credential that shows a student’s ability to perform complex tasks and their qualifications for a broad range of jobs. There are four certificate levels: Bronze, Silver, Gold, and Platinum. To earn a Bronze certificate, the student must score a minimum of 3 on all assessments (Applied Mathematics, Reading for Information, and Locating Information). For Silver a minimum of 4 is required, for Gold a minimum of 5 is required, and for Platinum a minimum of 6 is required.

SubjectTotal Students TestedNo CertificateReceived CertificateBronze CertificateSilver CertificateGold CertificatePlatinum Certificate
Certificate6,61737.8%62.2%27.7%29.8%4.4%0.4%

The SCDE did not administer statewide WorkKeys assessment examinations last year, but they were administered at the district level.

Copyright 2022 WCSC. All rights reserved.

Proposed two-building project in Charleston causing parking concerns

CHARLESTON, S.C. (WCBD) – A new hotel and residential building could be coming to downtown Charleston.On Wednesday, the Charleston Board of Architectural Review will consider a request for a two-building behind the middle section of King Street. The project will include a 6.5-story hotel on Society Street and a 6-story mixed-use residential building on George Street. A parking structure is also included in the proposal.According to Charleston officials, a surface parking lot off of George St. would be eliminated as a resu...

CHARLESTON, S.C. (WCBD) – A new hotel and residential building could be coming to downtown Charleston.

On Wednesday, the Charleston Board of Architectural Review will consider a request for a two-building behind the middle section of King Street. The project will include a 6.5-story hotel on Society Street and a 6-story mixed-use residential building on George Street. A parking structure is also included in the proposal.

According to Charleston officials, a surface parking lot off of George St. would be eliminated as a result of the construction. King Street retailers told News 2 that these parking spots are used by shoppers and employees.

“A little nervous once construction gets started about how long it’s going to take and what we’re going to be able to do for our customers that park in that parking lot today,” said Gary Flynn, a partner, and CEO of M. Dumas & Sons which is located on the corner of King and Society. “We have to come up with some sort of a plan for the local customer that drives downtown to see us and right now we don’t have a really good option for them.”

According to Tyler McCormack, a stylist at Hampden Clothing, some of his co-workers park in the lot which is directly behind the store.

“It’s interesting, especially since there’s already such a limit of parking on the peninsula. We have such limited real estate,” said McCormack.

According to city leaders, it is not unusual for a privately owned commercial lot to be replaced by development. In fact, it is expected.

“We often use the term ‘highest and best use.’ Surface parking is generally not, in an urban environment like Charleston, is not thought of as the ‘highest and best use,’” said Robert Summerfield, the Director of Planning, Preservation, and Sustainability for the City of Charleston.

Despite the parking concerns, Flynn said he is looking forward to what this project could bring to that portion of King Street.

“It will give customers, our customers, a better chance of staying in our neighborhood for their hotel, for their restaurant, for a drink at a bar, for a place to hang out. There aren’t as many options right now in middle King. There are a few really good ones, but we could use a few more,” said Flynn.

The BAR meeting begins at 4:30 pm on Wednesday. News 2 reached out to Bittoni Architects, the applicant, but we have not heard back.

Housing Bubble Woes: Home Prices Drop 3.5%, Steepest Monthly Drop since Jan. 2016. Sales, already at Lockdown Levels, Drop Further. Active Listings Rise Further

In July and through mid-August, mortgage rates fell sharply from the 6%-range in mid-June, on the widely propagated fantasy of a Fed “pivot” on rate hikes. By mid-August, the average 30-year fixed mortgage rate was down to 5%. Yesterday, they were at 6.47%. But the brief interlude of dropping mortgage rates slowed down the decline in home sales – sales declined again in August from July but at a slower rate – with Realtors in mid-August talking about the market waking back up.But prices backed off for the secon...

In July and through mid-August, mortgage rates fell sharply from the 6%-range in mid-June, on the widely propagated fantasy of a Fed “pivot” on rate hikes. By mid-August, the average 30-year fixed mortgage rate was down to 5%. Yesterday, they were at 6.47%. But the brief interlude of dropping mortgage rates slowed down the decline in home sales – sales declined again in August from July but at a slower rate – with Realtors in mid-August talking about the market waking back up.

But prices backed off for the second month in a row, and in a big way, amid widespread price reductions, and that also helped getting some deals done.

The median price of existing single-family houses, condos, and co-ops whose sales closed in August dropped a hefty 3.5% in August from July, the largest month-to-month percentage drop since January 2016, after the 2.4% drop in the prior month, to $389,500, according to the National Association of Realtors. While there is some seasonality involved, the percentage drop was much bigger than normal in August, whittling down the year-over-year price increase to 7.7%, down from the 25% year-over-year increases last summer (data via YCharts):

In the West, price drops are further advanced, amid dismal sales. For example, in San Francisco and in Silicon Valley, median prices have plunged in recent months – now down on a year-over-year basis in San Francisco and Santa Clara County (San Jose) and up just a hair in San Mateo County, according to data from the California Association of Realtors.

Sales of existing houses, condos, and co-ops across the US dipped a smidgen from July, after the 5.9% plunge in the prior month, to a seasonally adjusted annual rate of sales of 4.80 million homes, roughly level with lockdown-June 2020, according to the National Association of Realtors in its report. This was the seventh month in a row of month-to-month declines.

Beyond the lockdown months, it was the lowest sales rate since 2014, and down by 29% from October 2020 (historic data via YCharts):

Sales of single-family houses dropped by 0.9% in August from July, and by 19% year-over-year, to a seasonally adjusted annual rate of 4.28 million houses.

Sales of condos and co-ops rose 4% from July, to 520,000 seasonally adjusted annual rate, down 25% year-over-year.

Compared to August last year, sales fell by 20%, the 13th month in a row of year-over-year declines, based on the seasonally adjusted annual rate of sales (historic data via YCharts):

Sales by region: On a year-over-year basis, sales dropped sharply in all regions. On a month-over-month (mom) basis, you can see a little uptick in two of the four regions:

Sales dropped in all price ranges but dropped the most at the low end.

Sales volume has been low because potential sellers are clinging to their aspirational prices of yesteryear, when mortgage rates were 3%, and many would rather keep the home off the market or pull it off the market than sell for less, for as long as they can. But price reductions have now taken off by sellers who want to sell.

Price reductions started spiking in May from record low levels last winter and spring as sales stalled, and as mortgage rates surged. In July, they reached the highest level since 2019, according to data from realtor.com. In August, price reductions dipped just a little as sellers might have felt that price reductions were less needed, amid the declining-mortgage-rate-Fed-pivot fantasy in July and August:

Active listings – total inventory for sale minus the properties with pending sales – rose to 779,400 homes in August, the highest since October 2020, up by 27% from a year ago, according to data from realtor.com:

The National Association of Realtors is clamoring for more single-family houses to be built. But homebuilders, they are having trouble selling the houses that they have already built or are building, sales have plunged, inventories have spiked to the highest since 2008, and homebuilders have started cutting prices, buying down mortgage rates, and piling on other incentives to get their inventory moving.

Investors or second home buyers purchased 16% of the homes in August, up from 14% in July, but down from the 17%-22% range in the spring and winter, according to NAR data.

“All-cash” buyers, which include many investors and second home buyers, remained at 24% of total sales, down from a share of 25% to 26% April through June.

Going forward: holy-moly mortgage rates. After the fantasy-drop from 6% in mid-June to 5% by mid-August, mortgage rates are now solidly over 6%.

The daily measure of the average 30-year-fixed mortgage rate is at 6.47%, according to Mortgage News Daily.

According to Freddie Mac’s weekly measure, released last week, based on mortgage rates early last week, rose to 6.02%, more than double a year ago. These 6%-plus mortgage rates are still very low, considering that CPI inflation is over 8%. But they’re catching up.

And potential sellers that hung on to their homes in July and August because they didn’t want to meet the price where the buyers were – hoping the “pivot” fantasy would push down mortgage rates further – now face the effects of these 6%-plus mortgage rates:

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