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Beverly-Hanks 2015 Local and National Real Estate Market Report (1 of 9)
Asheville North Carolina Real Estate - We are seeing rising home prices which has been terrific news for many owners. As of the end of 2015 quarter one, the Federal Housing Finance Agency reported a 6.81% increase over the last twelve months for the Asheville MSA. In fact, we’re seeing an accelerated trend: in the last quarter alone we saw annualized appreciation rates of 7.36%. Our local MLS reports that the median sales price increased by 6% to $211,640.Rising interest rates and rents are motivating renters to purchase, but with tight supply and tight credit requirements,they’re struggling. In May, credit scores...
Beverly-Hanks 2015 Asheville NC Real Estate Market Report (2 of 9)
for purchase mortgages by Fannie Mae and Freddie Mac averaged 757, and the months of inventory for homes under $200,000 stands at less than six months for the seven-county region. The combination of high credit standards and limited supply are frustrating for those looking to buy at or below the median sales price. Despite the difficulties, first-timers are finding their way to the market. The National Association of Realtors reported that first-time purchases in May rose to 32 percent of all buying activity — the largest share since September 2012. According to Beverly-Hanks Mortgage Services, the cut to the FHA’s annual...
Beverly-Hanks 2015 Local Real Estate Market report (3 of 9)
mortgage insurance premium has made 3.5% down payment loans affordable to first-time buyers with FICO scores and debt-to-income ratios that would have triggered rejections elsewhere. This change is almost certainly spurring activity for Millennials who had been on the sidelines until now.The Asheville (MSA) enters the second quarter continuing an unbroken streak of employment growth, which has now crossed into its 58th straight month. This places Asheville among a small select group of steadily expanding economies in the...
Beverly-Hanks 2015 Asheville North Carolina Real Estate Report (4 of 9)
nation. Of all 387 U.S. metros, only 70 others are experiencing a similar course of unfaltering growth. Total employment easily broke over 180,000 in the second quarter, a first for the metro. Asheville’s annual growth rate is currently 2.8%; surpassing both the national and statewide pace. Among the state’s fifteen metros, Asheville’s growth rate places a comfortable fifth. In terms of the number of jobs being created, the pace translates into 4,900 new jobs over last year. Three industries continue as job creators in the metro: Leisure & Hospitality, Retail Trade, and Health Services. All three are currently...
Beverly-Hanks 2015 Asheville Real Estate Market Report (5 of 9)
experiencing uninterrupted growth lasting for over three straight years. The employment expansion is also supported by a diversity of other industries such as Manufacturing, Construction and Professional & Business Services.For the first two months of the quarter, Asheville’s unemployment rate is the lowest among all fifteen metros in the state. For the last 14 months, Asheville has held either the lowest or second lowest unemployment rate in the state, alternating spots with Raleigh. Averaging 4.4 %, the current unemployment rate is 0.8 percentage points below the national rate and 1.2 percentage points below the statewide rate. ...
Beverly-Hanks 2015 Asheville NC Real Estate Report (6 of 9)
Recently released population numbers from the U.S. Census Bureau demonstrate Asheville’s broad attraction to key age cohorts. Over the last four years, population growth has been driven by three generational groups: millennials added 3,674 new residents to total 103,013, the sizeable baby-boomer group increased by 8,533 to now total 123,641, and those over the age of 70 grew by 6,764 to total 61,456. Continuing To Expand The Economy Information throughout this report is derived Freddie Mac, the government-owned corporation that buys and sells mortgages,issued a rate forecast in May for 2016. By their estimation, the average rate for...
Beverly-Hanks 2015 Asheville Market Report (7 of 9)
a 30-year fixed home loan could rise steadily starting late this summer.On July 8th, the average rate for a 30-year fixed mortgage was 3.875%. It has been hovering above and below 4% all year.According to Freddie Mac’s 2016 mortgage forecast, rates could climb above 4% later this year, and rise over 5% in 2016.The Fed has been keeping the federal funds rate near zero due to the sluggish economic recovery. They’ve done this to increase access to credit and spur the housing market. Now that housing and the broader economy are on the mend, officials are talking about raising the funds rate. This would likely lead to an increase in mortgage rates. ...
Beverly-Hanks 2015 Asheville North Carolina Real Estate Market Report (8 of 9)
Insights - home values continue to improve at a steady and moderate pace in Buncombe County, leveraging close to a 6% increase in median home prices over the last 12 months. Most of the 15% decrease in the number of homes for sale is found below $400,000. The total supply of homes over $400,000 has increased since last year. Close to a record-breaking number of homes sold per month last quarter, 373. The all-time high of 381 was obtained nine years ago.
Beverly-Hanks 2015 Asheville Real Estate Market Report (9 of 9)
Asheville NC real estate and WNC Information is reported by the NC Mountains Multiple Listing Service, which does not guarantee or is in any way responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market. See our Asheville real estate "Information Center" at top of the page and view our full current and past market reports. Contact us and we will provide you information and a report for your neighborhood showing you recent and current homes sales, days on market and list to sale ratios. Marketing report by Beverly-Hanks & Associates Realtors Marketing dept.
What area should I live in?
To help give you a better idea we have broken Asheville down to five areas; Central Asheville ~ North Asheville ~ South Asheville ~ West Asheville ~ East Asheville , so that we can share some of the area highlights along with a quick glance at Asheville real estate in each area. Hopefully this will give you a start in determining what area you might prefer to live and purchase real estate in.