Despite a harsh winter, home prices continue to rise in Asheville, up by 10.2 percent in March compared to last year, according to a national real estate research firm.
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ASHEVILLE – Despite a harsh winter, home prices continue to rise in Asheville, up by 10.2 percent in March compared to last year, according to a national real estate research firm.
On a month-over-month basis, home prices, including the sale of foreclosed properties at lower prices, increased by 2 percent in March 2014 compared to February 2014, said analysts at CoreLogic, in a national report released Tuesday.
Mary Love, a local Realtor with Keller Williams, said price trends vary dramatically by location. West Asheville homes are selling at an average price of $181,000, down some $12,000 from November while across the river in North Asheville, homes fetched $408,000 on average.
“It’s crazy the price difference,” Love said. “But across Buncombe County, prices are definitely going up. We’re past the decline in the housing market and barring a really poor first quarter due to the harsh winter, we could see prices really take off.”
Bad weather had put a lid on house prices nationwide, CoreLogic leaders said.
“March data on new and existing home sales was weaker than expected and is a cause for concern as we enter the spring buying season,” said Mark Fleming, chief economist for CoreLogic.
Home prices nationwide, including distressed sales, increased 11.1 percent in March 2014 compared to March 2013. This change represents 25 months of consecutive year-over-year increases in home prices nationally. On a month-over-month basis, home prices nationwide increased 1.4 percent in March compared to February.
“Home prices continue to rise across the nation, but affordability, tight credit and supply concerns are becoming an increasing drag on purchase market activity,” said Anand Nallathambi, president and CEO of CoreLogic, headquartered in Irvine, Calif.