Asheville Home Sales Slip, But Prices Stabilize
Asheville Home Sales Slip, But Prices Stabilize
Asheville home sales eased in June down slightly from a year ago but up nicely for the six month average. Total home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, declined 0.3% in the Asheville area for June but 8% nationally.
Asheville Home sales had been trending up without a tax stimulus, but a variety of issues is weighing on the market including an unusual spike in contract cancellations in the past month. The underlying reason for elevated cancellations is unclear, but with problems including tight credit and low appraisals.
The national median existing home price for all housing types was $184,300 in June, up 0.8 percent from June 2010. Asheville Distressed homes foreclosures and short sales generally sold at deep discounts accounted for 30% of sales in June, compared with 31% in May and 32% in June 2010.
According to Freddie Mac, a 30-year, conventional, fixed-rate mortgage was 4.51 percent in June, down from 4.64 percent in May; the rate was 4.74 percent in June 2010. One of my Clients had a quote of 4%, 30 year fixed this week. So interest rates continue to go down but home price are starting to stabilize.
