Asheville Existing Homes Sales Ease

Asheville Real Estate felt a drop in Existing home sales although Asheville existing home sales have been up 7 out of 10 months.

On a National bases transactions that include single-family, townhomes, condominiums, and co-ops, eased 0.8 percent to a seasonally adjusted annual rate of 5.05 million in April from a downwardly revised 5.09 million in March, and are 12.9 percent below a 5.80 million pace in April 2010; sales surged in April and May of 2010 in response to the home buyer tax credit.

A parallel NAR practitioner survey shows 11 percent of REALTORS® report a contract was cancelled in April from an appraisal coming in below the price negotiated between a buyer and seller, 10 percent had a contract delayed, and 14 percent said a contract was renegotiated to a lower sales price as a result of a low appraisal.

Freddie Mac reports, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 4.84 percent in April, unchanged from March; the rate was 5.10 percent in April 2010.

Clearly sales have been up for Asheville Homes sales over the last 12 months with an exception of two months but most of the slowing has been bank owned properties not able to close because of financing, low appraisals and so on.

 With investors playing such a big part of existing home sales over 30% of the sales in the Asheville area was cash.

 Many areas around Asheville like Waynesville, Maggie Valley Homes sales have been a little slower because of the slowing of second home sales.