CHARLOTTE, N.C. — July home sales, or completed transactions that include single-family homes, townhomes, and condos, trended down 11.8 percent from June, as 883 homes closed across the 13 counties where Canopy MLS tracks data in the mountains of western North Carolina. Year-over-year sales were down 11.2 percent as mortgage demand from homebuyers drops to a 28-year low, due to mortgage rates that surged to their highest point, since 2000 this past month.

Burke (+3.2%) and Madison (+36%) Counties, along with the City of Asheville (+5%) had positive year-over-year sales in July.  Both Burke and Madison enjoyed significant contract activity, representing pent up demand (pending sales) in June.  Typically contract activity is seen as a strong indicator of future sales, thus the surge in the number of homes under-contract in June, yielded closings during July.

Pending contracts, showed buyer demand was down in July 5.7 percent across the region and was nearly unchanged, up 0.2 percent compared to June’s contract activity. Showing reports in July showed buyer interest was strongest in the City of Asheville, where listings averaged five showings (or potential buyers) per listing, followed by the City of Henderson where listings averaged four showings per listing.

Seller confidence across the region continues to falter, as new listing activity dropped 24.4 percent, as sellers listed a little less than 1,100 homes for sale compared to more than 1,400 newly listed homes in July 2022.  Inventory dropped 10.8 percent to 2,044 homes for sale at report time and 2.4 months of supply.  Supply is up 14.3 percent compared to supply a year ago and up slightly from June 2023.

 “Realtors® continue connecting buyers with innovative lending solutions to help navigate higher mortgage rates.” said Christine Mallette, a Canopy MLS Board of Director, and Realtor®/Broker with Better Homes and Gardens Real Estate Heritage. “Buyer demand continues to be concentrated in metro Asheville, which puts buyers closer to job centers and amenities. Unfortunately, the market is not seeing as many sellers at this point, willing to become move-up buyers because of higher rates, and that means the market will remain tight and competitive, especially in the city of Asheville.”

The region’s median sales price ($427,000) increased by 6.4 percent year-over-year, likely due to the second consecutive drop in inventory, while the average sales price increased 10.1 percent to $528,311. The average list price increased 8.4 percent year-over-year to $561,286, which brought the original list price to sales price measure for the region to 97.3 percent in July.

Time on market continues to increase in buyer’s favor, as List to close averaged 87 days, compared to 78 days in July 2022, while days on market, the metric that accrues for “Active” and “Under-contract-show” statuses, showed the region’s homes were on market 35 days compared to 24 days in July 2022.

Asheville MSA Sales throughout the MSA mirrored the region, falling 4.7 percent year-over-year as 630 homes sold compared to 661 in July 2022. Compared to the previous month (June) sales were mostly unchanged, down 0.4 percent. Contract activity was also on par with June 2023, up 0.3 percent month-over-month, as 654 homes went under contract. However, year-over-year, buyer demand (or pending sales) was down 7 percent, as activity is largely driven by unavoidable factors like job relocation and downsizing. New listing activity fell significantly by 26.4 percent compared to last year, while month-over-month listing activity was down 15 percent, even as sellers continue to receive most of asking prices for their homes as indicated by the original list price to sales price ratio of 97.8 percent in July.

Prices rose year-over-year, likely due to the dip in inventory, which showed 1,237 homes for sale at report time. But supply continues to hold steady at 2.2 months across the MSA. Both the median sales price ($455,000) and the average sales price ($566,521) rose 7.1 percent and 10.5 percent year-over-year respectively, while the average list price rose 11.4 percent to $600,883. Prices are holding steady when compared to June.  Year-to-date figures show both indices up approximately 4.9 percent, which is moderate increase and boost to home equity. Days on market showed homes averaged 33 days on market until sale compared to last year’s much faster market, at 21 days on market until sale.

Mallette continued, “Buyers are still looking for homes and the overall sales activity we are experiencing is still healthy; in fact, sales could have been much stronger in the MSA had there been more inventory. And though prices are still rising modestly, the boost in home prices continues to have a positive effect on home equity for homeowners.”

Buncombe County home sales in July were nearly on par with sales in July 2022 falling just 2.8 percent year-over-year as 348 homes sold compared to 358 that sold a year ago.  Pending sales were down 5.1 percent year-over-year as 354 homes went under contract during the month compared to 373 that were under contract a year ago in July.  New listing activity contracted 26.1 percent as sellers brought 385 homes to market, 136 homes less than what was listed a year ago. This will negatively impact inventory, which declined 12.6 percent in July leaving 648 homes for sale at report time.  Supply increased by 16.7 percent however to 2.1 months of supply. The combination of demand amidst declining inventory impacted prices. Both the median sales price ($490,475) and the average sales price ($635,113) increased 10 percent and 15.2 percent year-over-year respectively, a boost to home equity of homeowners, while the average list price increased 14.2 percent to $655,960. This brought the original list price to sales price measure down slightly to 97.9 percent while days on market showed homes averaged 31 days (an increase year-over-year of 72 percent) on market until sale compared to 18 day this time last year.  

Haywood County home sales declined 18.5 percent as 88 homes sold compared to 108 that sold in July 2022.  Contract activity also contracted 18.4 percent compared to last year as 102 homes went under contract during the month.  New listings dropped dramatically nearly 32 percent year-over-year as sellers in the county signaled no confidence in the market and listed 98 homes for sale compared to 144 the previous July. Inventory and supply dropped by 23 percent and 12 percent year-over-year respectively, leaving 200 homes for sale and 2.2 months of supply. Prices were mixed.  The median sales price was nearly unchanged, down 1.4 percent to $353,750 while the average sales price was also mostly unchanged, increasing 1.5 percent to $401,183. This brought the original list price to sales price measure to 94.8 percent, down from last year’s 97.2 percent, while days on market showed homes averaged 42 days on market until sale compared to 21 days on market in July 2022.

Henderson County home sales declined 5.9 percent year-over-year as 160 homes sold, just 10 less than the number that sold a year ago in July.  Pending sales dipped 8.1 percent year-over-year as 171 homes went under contract during the month. New listing activity also declined, falling 29.7 percent as 173 homes were listed compared to 246 that were listed in July 2023. Inventory declined 6.4 percent to 294 homes for sale or two months of supply.  Prices rose modestly. Both the median sales price ($453,000) and the average sales price ($528,068) increased 5.9 percent and 3.2 percent year-over-year respectively, while the average list price increased 7.4 percent to $544, 172. This brought the original list price to sales price measure to 98.9 percent while days on market showed time on market increased to 34 days on market in July compared to 24 days on market this time last July.

(Due to smaller sample sizes in counties where there is a smaller pool of listings, percentage increases or decreases may seem extreme)

Madison County home sales increased 36 percent year-over-year as 34 homes sold compared to 25 that sold in July 2022.  Pending contract activity rose 42 percent year-over-year as 27 homes went under contract compared to 19 that were under contract a year ago.  New listings were also positive, increasing 10.5 percent as sellers listed 42 homes for sale compared to 38 homes newly listed in July 2022.  Inventory rose 10.5 percent to 95 homes for sale at report time or 3.8 months of supply.  Prices are holding steady. Both the median sales price ($437,450) and the average sales price ($473,360) dipped slightly, 0.6 percent and 1.4 percent year-over-year respectively, while the average list price also dropped 14.3 percent to $432,291. This brought the original list price to sales price measure to 99.l5 percent as sellers in Madison receive nearly all of asking prices for their homes. Days on market were faster this July than last July and showed homes averaged 30 days on market until sale compared to 37 days on market until sale in July 2022.

Other counties around the region

Burke County home sales in July increased 3.2 percent year-over-year as 64 homes sold compared to 62 that sold in July 2022. Pending contract activity declined 21.9 percent to 57 homes under contract during the month compared to 73 during the same period last year. New listings also declined by 15.6 percent as sellers brought 81 homes to market compared to 96 in July 2022. Inventory at report time declined 6.0 percent to 109 homes for sale or 1.7 months of supply. In July 2022 months of supply was slightly lower at 1.5 months. The median sales price increased 16.0 percent year-over-year to $257,500 while the average sales price decreased 6.1 percent to $266,215. The average list price was up 10.4 percent year-over-year to $328,583. This brought the original list price to sales price measure down 0.9 percent to 94.9 percent in July compared to 95.8 percent in July 2022. Days on market rose 3.2 percent to 32 days in July compared to 31 days this time last year. 

(Due to smaller sample sizes in counties where there is a smaller pool of listings, percentage increases or decreases may seem extreme)

Jackson County home sales in July declined 38.5 percent year-over-year as 16 homes sold compared to 26 that sold in July 2022. Contract activity was unchanged compared to last July at 25 homes under contract during the month. New listing activity dropped 27.8 percent to 26 homes brought to market during the month, compared to 36 added to the market a year ago in July. Inventory rose by 11.4 percent to 78 homes for sale by repot time or 3.8 months of supply. Price also rose.  Both the median sales price ($435,842) and the average sales price ($492,999) increased 8.4 percent and 9.9 percent year-over-year respectively, while the average list price dropped by more than half (54.7 percent) to $442,854. This brought the original list price to sales price measure to 91.8 percent while days on market until sale showed homes averaged 33 days on market until sale compared to 59 days on market in July 2022.

(Due to smaller sample sizes in counties where there is a smaller pool of listings, percentage increases or decreases may seem extreme)

McDowell County home sales declined 2.9 percent year-over-year with 33 homes sold compared to 34 that sold a year ago in July. Contract activity was also down 8.9 percent as 41 homes went under contract compared to 45 that were under contract a year ago. New listings dropped 10.7 percent to 50 homes listed in July from 56 a year ago in July. Inventory increased 7.3 percent to 88 homes for sale or 2.6 months of supply.  Both the median sales price ($344,000) and the average sales price ($484,941) increased 3.5 percent and 14 percent year-over-year respectively, while the average list price increased 32.3 percent to $447,220. This brought the original list price to sales price measure to 97.5 percent while days on market showed homes averaged 34 days on market until sale compared to 19 days on market in July 2022.

(Due to smaller sample sizes in counties where there is a smaller pool of listings, percentage increases or decreases may seem extreme)

Mitchell County home sales were down 50 percent in July to 9 homes sold compared to 18 that sold in July 2022. Pending contract activity was also half of what it was last year at 10 homes under contract compared to 20 under contract during the same period in 2022. New listing activity was down 34.5 percent as sellers listed 19 homes for sale compare to 29 homes for sale in July 2022. Inventory and supply declined at report time leaving 57 homes for sale or 3.9 months of supply. Last year July’s inventory had 77 homes for sale or 4.6 months of supply. Prices increased. Both the median sales price ($350,000) and the average sales price ($413,667) increased by 51.2 percent and 50.7 percent year-over-year respectively, while the average list price dropped 1.5 percent to $301,258.  This brought the original list price to sales price measure to 88.2 percent while days on market showed homes averaged 49 days on market until sale compared to 26 days on market in July 2022.

(Due to smaller sample sizes in counties where there is a smaller pool of listings, percentage increases or decreases may seem extreme)

Polk County home sales dropped 46.2 percent as 21 homes sold compared to 39 that sold a year ago in July. Pending contract however climbed 33.3 percent to 36 homes under contract compared to 27 under contract in July 2022. New listings had a significant contraction of 47.7 percent as 23 homes were brought to market versus 44 that were newly listed in July 2022. Inventory and supply declined falling 31.3 percent and to 66 homes for sale and 2.7 months of supply, a 6.9 percent decrease from last year when there was 2.9 months of supply. Prices declined. Both the median sales price ($420,000) and the average sales price ($524,554) dropped 9.7 percent and 13.3 percent year-over-year respectively, while the average list price declined 2.4 percent to $563,430. This brought the original list price to sales price measure to 96.3 percent while days on market showed homes sold faster than last July, averaging 22 days on market until sale in July 2023 versus 31 days on market in July 2022.

Rutherford County home sales dropped by 39.5 percent in July to 46 homes sold compared to 76 homes that sold in July 2022.  Pending contracts rose 7.2 percent year-over-year as buyers drove 74 homes under contract compared to 69 that were under contract a year ago in July. New listing activity also declined by 33.6 percent as sellers brought 77 homes to market compared to 116 that were newly listed in July 2022. Inventory declined by 14.7 percent to 157 homes for sale at report time or 2.4 months of supply. Price increased. Both the median sales price ($272,500) and the average sales price ($336,154) increased 15.9 percent and 9.2 percent year-over-year respectively while the average list price decreased 17.6 percent to $353,669.  This brought the original list price to sales price measure to 98.7 percent while days on market showed homes sold quickly and averaged 24 days on market until sale in July compared to 22 days on market in July 2022.

Transylvania County home sales dropped by 24.1 percent year-over-year as 41 homes sold compared to 54 that sold in July 2022. Contract activity as indicated by Pending Sales declined 15.5 percent year-over-year as 49 homes went under contract compared to 58 that were under contract in July 2022. New listings were nearly on par with activity last year, as sellers listed 72 homes for sale compared to 75 that were listed during the same period last year. Inventory increased slightly (0.8%) to 128 homes for sale at report time or three months of supply, up from 2.3 months of supply a year ago in July. Both the median sales price ($480,000) and the average sales price ($642,522) increased by 12.3 percent and 9.4 percent year-over-year respectively, while the average list price increased 37.2 percent to $789,315. This brought the original list price to sales price measure to 96.9 percent, while days on market showed homes averaged 69 days on market until sale compared to 43 days on market in July 2022.

(Due to smaller sample sizes in counties where there is a smaller pool of listings, percentage increases or decreases may seem extreme)

Yancey County had 18 homes sold in July, a 10 percent year-over-year decline compared to 20 that sold in July 2022. Pending contracts soared 76.2 percent to 37 homes under contract compared to21 that were under contract a year ago in July. New listing activity was positive and rose 11.8 percent to 38 homes for sale compared to 34 that were newly listed in July 2022. Inventory declined 12.3 percent to 93 homes for sale at report time or 4.7 months of supply. Both the median sales price ($486,750) and the average sales price ($606,250) increased by 2.2 percent and 30.6 percent year-over-year respectively, while the average list price increased 0.2 percent to $696,366. This brought the original list price to sales price measure to 96.4 percent, which is unchanged from last July, while days on market increased 94.6 percent and showed homes averaging 72 days on market compared to 37 days on market in July 2022.    

For more residential-housing market statistics, visit www.CarolinaHome.com and click on “Market Data.” For an interview with a Realtor®/broker representing the Canopy MLS service area in the western/mountain region of North Carolina, please contact Kim Walker.

Canopy MLS is a wholly-owned subsidiary corporation of Canopy Realtor® Association and is the private broker cooperative used by Realtors® to bring buyers and sellers together with access to thousands of residential listings in a multicounty service area, including Charlotte, Asheville and Catawba Valley regions spanning across North Carolina, South Carolina and outside of the Carolinas. Canopy MLS, which has 21,000 subscribers, provides the most trustworthy, timely, accurate and complete property data along with proprietary tools for showings, market stats, predictive analytics, and more. Canopy MLS is used by its members to support consumers in their residential real estate transactions, whether selling, buying, investing or renting.