Housing Market Update for March 2021
Existing home sellers and new construction activity continue to remain below levels necessary to bring the market back into balance, pointing to a busy and competitive buyer market in the coming months.
New Listings were up in the Asheville region by 1.5 percent to 1,309.
Pending Sales increased 73.2 percent to 1,368.
Inventory shrank 63.9 percent to 1,522 units.
Prices moved higher as Median Sales Price was up 20.2 percent to $318,500.
Days on Market decreased 32.2 percent to 59.
Months Supply of Inventory was down 71.1 percent to 1.3 months, indicating that demand increased relative to supply.
While many home builders are working to increase their activity, the cost of lumber and other materials and a backlogged supply chain continue to limit new home construction and have increased costs substantially.
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