Is Asheville buyer’s market for homes slowing?

New data on Zillow.com shows about a third of the homes for sale in Asheville were listed with price cuts in August.

909pricecuts

Asheville listings with price cuts

That’s a 0.4% improvement from July, and an indication that the buyer’s market for homes may be easing in Asheville. But the median price cut was slightly higher than July (about 6%) and the median list price per square foot declined again.

The Zillow blog promised more details next week, but it noted that homebuyers nationwide lost a bit of negotiating power in August.

New Zillow data from surrounding metro areas may provide some perspective.

Greensboro shows the largest percentage price reductions in North Carolina at an average of 5.3%. Over a quarter of the homes in that market had recent list-price reductions. Greensboro’s home value index is 4.4% lower than a year ago.

The Tri-Cities Tennesse area, known as the Johnson City MSA, came in at an average 4.1% price reductions. Its Zillow Home Value Index year-over-year is down almost 9%, which is closer to the housing value trend Asheville has been experiencing. We reported last month that the buyer’s market for real estate was raging on in Asheville.

Charleston leads South Carolina in declining home prices, according to the data. Spartanburg and Greenville rank in the middle of the list of 144 metro areas, with average price reductions in the 3.5% range.

Average days on the market are over 100 days in each of the metro areas mentioned above – sometimes well over 100 days. Zillow reports Asheville’s days-on-market in August as 110.

The biggest house price declines are in Florida. Zillow reported that 14 of the top 20 metro areas had the biggest discounts in list prices.

The good news for sellers is that the first-time buyers credit is helping stretch the traditionally strong summer home-selling season this year. Video from Trulia.com is below:

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