Real Estate Market
Asheville/Buncombe County Market Update
As you can see below, Price ranges up to $300,000 are at or near market balance between buyers and sellers! It has been a while since we have said that. You will also notice that home values have been improving over the last year with a 12% improvement in Buncombe County and a 3.4% improvement region wide. We should continue to see a modest improvement over the next 12 months being led by Buncombe County.
Haywood County Market Update
Haywood County is suffering from high inventory, which is keeping the buyers market strong. Around 70% of sales are under $200,000 which is reducing the inventory below $200k.
Henderson County Market Update
Homes priced under $200,000 are seeing market balance for the first time in many years. There is still a glut of inventory over $300,000 but you have seen an 11% quarter over quarter reduction in homes for sale.
Madison County Market Update
Madison County is seeing some of the most price reductions in our region due to the high amounts of inventory. Buyer activity has increased 16% year over year but that is not enough to bring down inventory in all price points.
Madison County Market Stats Through 9-1-13
Madison County Market Stats Through 9-1-13.
Housing Starts Increase in May to 914,000
by Bill McBride on 6/18/2013 www.calculatedrisk.com
From the Census Bureau: Permits, Starts and Completions
Privately-owned housing starts in May were at a seasonally adjusted annual rate of 914,000. This is 6.8 percent above the revised April estimate of 856,000 and is 28.6 percent above the May 2012 rate of 711,000.
Single-family housing starts in May were at a rate of 599,000; this is 0.3 percent above the revised April figure of 597,000. The May rate for units in buildings with five units or more was 306,000. Read entire article here.
Asheville Area Housing Data
June 12, 2013.
All data taken from WNCRMLS.
Mortgage Rates Projected to Increase
From www.kcmblog.com May 22, 2013
The Mortgage Bankers Association, Fannie Mae and the National Association of Realtors have all projected that the 30-year mortgage rate will be at least 4% by the end of 2013. If we assume that rates will still be at 4% in twelve months, here is the difference a buyer will pay if they wait.
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