Asheville, NC continues its reign as top BeerCity USA 2010

Asheville, NC continues its reign as top BeerCity USA 2010

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Update on Buncombe County Housing Market - May 2010

Existing home sales jumped a surprising 68% in Buncombe County last month, apparently fueled by tax credits and more optimism about the economy, but prices were still relatively weak. The number of existing homes sold in Buncombe has risen substantially every month but one since September, prompting hope the fall in the area's housing market has finally stopped. The pending expiration of federal tax credits for home buyers accounted for a good portion of the sales increase in April.

Even with the rise in sales, buyers still have more power than usual when it comes to settling on a sales price. The number of homes available for sale is still much higher than the level regarded as equilibrium. The median home sale price — the point at which half are higher, half lower — dropped from $208,000 in April 2009 to $186,000 in April 2010, a 10.6% decline. There were 237 existing home sales in Buncombe County in April, up from 141 in April 2009 and 203 in March 2010.

Those who do buy now will be able to buy more house and have more choices than they would have a year ago — good news for buyers, but a headache for sellers. Sellers are being forced to adjust their prices downward if they want to sell. There are still far more homes on the market than it can currently absorb, according to N.C. Mountains MLS data. Industry experts generally consider a market in equilibrium if a six months' supply of homes is available for sale.