June Market Analysis
June had its ups and downs in the real estate market, both nationally and in local markets. On the national level the number of existing homes sales in June was down 3.8% from May of this year and down 11.4% from June of 2006. The good news is that it was the first time in 11 months that the median home price was higher than it was a year ago! (You can view the complete report on this website in our archives of articles.)
Local areas, however, vary. This is one of the reasons why it is important to talk with a Realtor who is knowledgeable about what the market looks like in your local area. The Smoky Mountains in Haywood County, North Carolina (which includes Maggie Valley and Waynesville), for example, saw a 22% increase in the number of home sales from May to June of this year, although in comparison to June of 2006, there was a 44% decline in the number of home sales. Home prices, however, continue to rise. From May to June of this year the average selling price increased 6%. Additionally June, 2007 saw a 5% increase in the average selling price when compared with June of 2006. The Buncombe County market (which includes Asheville, NC) also saw an increase in the number of sales from May to June (11%) but a decrease from a year ago (18%). In contrast to the Haywood County area, the average selling price in Buncombe County in June 2007 dropped slightly (2%) when compared to a year ago but increased the same amount (2%) when compared to May of this year.
The housing market was a bit different for lake front properties at Lake Lanier in Georgia. The market saw a 45% drop in the number of homes sold this June as compared to a year ago! The average home price also dropped (19%) when comparing this June to a year ago. The good news is that the number of home sales is on the rise. June saw a 17% increase in the number of home sales compared to May. Surprisingly, although May of this year saw fewer home sales than in June of this year and a year ago, the average selling price was greater than June of this year and of June, 2006!
Local areas, however, vary. This is one of the reasons why it is important to talk with a Realtor who is knowledgeable about what the market looks like in your local area. The Smoky Mountains in Haywood County, North Carolina (which includes Maggie Valley and Waynesville), for example, saw a 22% increase in the number of home sales from May to June of this year, although in comparison to June of 2006, there was a 44% decline in the number of home sales. Home prices, however, continue to rise. From May to June of this year the average selling price increased 6%. Additionally June, 2007 saw a 5% increase in the average selling price when compared with June of 2006. The Buncombe County market (which includes Asheville, NC) also saw an increase in the number of sales from May to June (11%) but a decrease from a year ago (18%). In contrast to the Haywood County area, the average selling price in Buncombe County in June 2007 dropped slightly (2%) when compared to a year ago but increased the same amount (2%) when compared to May of this year.
The housing market was a bit different for lake front properties at Lake Lanier in Georgia. The market saw a 45% drop in the number of homes sold this June as compared to a year ago! The average home price also dropped (19%) when comparing this June to a year ago. The good news is that the number of home sales is on the rise. June saw a 17% increase in the number of home sales compared to May. Surprisingly, although May of this year saw fewer home sales than in June of this year and a year ago, the average selling price was greater than June of this year and of June, 2006!
posted by Tamara Stout at
6:09 PM
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