On the existing home sales front nationally, the annual rate of sales in August — more than 5 million units — increased by 7.7 percent over last year. This brought the sales inventory from 9.5 months of inventory on the market in July down to 8.5 months supply in August. That’s good news. At the same time, however, the median price of homes declined 1.7 percent vs. July.
In Asheville, performance was better than the national numbers. Sales of existing homes increased by 33 percent in July and by 9 percent in August vs. last year. Median prices declined, however, vs. last year by about 6 percent for the two months, but increased more than 3 percent in August over July.
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