Asheville New Homes Shows Signs of Stabilizing
Asheville New Homes Shows Signs of Stabilizing
Asheville new-home sales dropped in June, but an increase in prices and declining inventories may be signs that new home market is finally showing signs of rebounding.
Asheville new home sales dropped 1% in June but so did resale homes. However we are starting to see builders starting to build more. Lenders are starting to free up money on new construction as their confidence increase as home sale for the year look very promising..
Construction costs for material continues to increase making new homes more expensive the resale. The median price for a new home increased to $235,200 in June, up 5.8 percent from May. Compared to June last year, the median price rose 7.2 percent. However, new-homes continue to be considerably higher than previously owned homes. The median price on existing-homes averaged $184,300 in June.
Some home buyer would rather pay the extra buck for a new home and as Asheville Real Estate continues to improve we will in the next year are two run into a shortage of homes forcing new construct to sour. Areas like Waynesville and Maggie Valley second home market is still behind last year for the first half of the year by 12% and will take another year or two to see the kind of increase we are seeing with Asheville home sales.
