Home Sales in Western North Carolina Rebound

Home sales are up 24 percent over last year

Written by: Dale Neal

Building permits are up 20 percent as the critical real estate market keeps digging out of the collapse of the Great Recession.

“The news is good. Sales are up, inventory is down, prices are starting to rise,” observed Neal Hanks of Beverly-Hanks & Associates, the region’s largest real estate firm, which has compiled a market overview for the second quarter.

Some 605 homes are being sold monthly around the mountains, well up from the 371 homes sold monthly at the depths of the Great Recession in 2009, according to data from the WNC Regional Multiple Listing Service. That’s still well below the peak of 721 homes sold monthly in 2006 at the height of the housing boom.

But Hanks also sees the pace of improvement starting to slow somewhat this summer as mortgage rates start to edge up, meaning higher monthly payments for would-be buyers.

The inventory of existing homes is continuing to shrink, down 19 percent from last year, making a tighter market for buyers to select from.

“There’s a real shortage of speculative construction. The lenders are really tight, and that’s likely to continue,” Hanks said.

screen-shot-2013-07-31-at-71513-amDownload a copy of the complete Quarterly Market Report. The report covers the entire Western North Carolina region including Asheville, Waynesville, and Hendersonville. Read a complete copy of this article originally posted by the Asheville Citizen Times.