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1000 Black Lines

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Asheville home sales slump

With all the "for sale" signs I've been seeing around Asheville, this report details why.
Existing home sales were down 17 percent in April in the Asheville area, the sixth consecutive month that saw a decline.

The number of homes sold through the Asheville Multiple Listing Service for the month was 244, down from 293 in April 2006. The average price of a home sold rose 7 percent to $283,385 but the total price of all homes sold dropped 11 percent.

Article Link (via AC-T).

An acquaintance recently sold an Asheville area home and bought an existing house in a different county for the same price--the new home has three times the space. Do you think people are paying too much for the perceived value of Asheville residency? One thought I have is this: who would by an existing home for in the $280-$350 range when one may contract a new home purchase?

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