The Del Webb division of homebuilding giant Pulte is running into some serious resistance to its plans to build a 400-acre, 775-home project on Del Rio Pike north of Franklin. Pulte execs already have retreated a bit from their original plans for the property they have under contract, but even the county's mayor has some clear words for the company.
“I think Del Webb is a very fine company, but I think what they’re proposing there, that’s not the character in what is around that area, and it’s certainly not in the character in what’s in Franklin,” Anderson said. “I think they’ve got a lot of work to do.”
Around the state, some 9 percent of homeowners are still behind on their mortgages and the trend isn't very positive right now. The latest issue of Tennessee Housing Market from the team at BERC has those details and more.
SEE ALSO: We should be selling a lot more houses from Friday
So as you're digesting the latest strong Nashville-area home sales figures, think about this for perspective. Even though local sales have been up at least 16 percent year over year for each of the past 25 months, our housing market is still only back to where it was in 2003. Considering that the region has grown by some 200,000 people since then, we should be selling a lot more houses to each other and to newcomers.
Here is a chart showing how the activity in each of the past 12 months compared to the 10-year average for those months. The 10-year numbers should be pretty representative by now, given that they include both the boom years from the middle of the last decade as well as the painful bust that followed. But only in March did we definitely break through the 10-year average, and we were still just 9 percent above it in July.
So when you hear an agent say the market still has lots of momentum to keep growing, she is not just talking her book and crossing her fingers for a return to the salad days. As gaudy as the market might feel right now with renewed tales of all-cash bids and price wars for homes just put on the block, Middle Tennessee could — maybe even should — be supporting a much higher level of sales in the near future.
Detroit-based Metro-West Appraisal, which bills itself as the largest independent company of its kind, has set up shop in Middle Tennessee. The firm's press release doesn't contain a lot of details — but isn't it nice to have your hometown be called "budding?" — and a spokesman didn't get back to us before publication time with info about staffing and an office location.
UPDATE: The company has five people working the area.
Hey look, Nashville is near the bottom of a list...
Real estate research firm CoreLogic on Thursday said the average U.S home price should rise more than 6 percent from early this year through next spring. But Middle Tennessee's housing market — a solid performer in the past year and change — won't post numbers anywhere near that healthy going forward. Rising mortgage rates will make homes less affordable and builders are set to ramp up new home construction.
Here's the full data set from CoreLogic-Case Shiller.
Real estate research firm Zillow's latest report on the Middle Tennessee housing market includes plenty of good news, especially for Williamson County homeowners. The company's price index for the Nashville MSA, which estimates the median value of all homes in the area, climbed 3.4 percent in the year ended June 30. Leading the way among local cities is Thompson's Station, where the median value has shot up almost 12 percent in the past 12 months. Franklin and Brentwood come in second and third with gains of 9.3 percent and 7 percent, respectively.
Those looking for more big local price gains are likely to be disappointed, however. Zillow's researchers expect the median home value to rise just 0.3 percent. Among the region's cities, Thompson's Station is expected to gain 3 percent by mid-2014. Franklin is the only other area forecast to see prices rise more than 2 percent. Check out the full list here.
The continued tightness in for-sale inventories is pushing up home prices across the country, says research firm CoreLogic. In May, the average year-over-year price increase came in at more than 12 percent, with five states posting gains greater than 15 percent. Locally, too, the numbers keep climbing from where they were earlier this year.
In Nashville-Davidson--Murfreesboro--Franklin, home prices, including distressed sales, increased by 8.0 percent in May 2013 compared to May 2012. On a month-over-month basis, home prices, including distressed sales, increased by 2.2 percent in May 2013 compared to April 2013.
Excluding distressed sales, year-over-year prices increased by 10.0 percent in May 2013 compared to May 2012. On a month-over-month basis, excluding distressed sales, the CoreLogic HPI indicates home prices increased by 1.9 percent in May 2013 compared to April 2013.
D.A. Davidson analyst Steven Chercover doesn’t see shares of Louisiana-Pacific recovering much of the more than 30 percent they have lost in the past three months. Noting that lower prices — they ran up steeply last year as construction demand grew before new capacity could come online — will hurt profits, he has trimmed his price target to $16 but reiterated his ‘neutral’ rating. At around 1:45 p.m., LP (Ticker: LPX) was off about 1 percent to $14.80.
Ann Hynes at Mizuho late last week pushed up to $50 from $48 her price target for shares of Community Health Systems. The move came before Tenet Healthcare announced it plans to buy Vanguard Health Systems and hedge fund Glenview Capital said it wants to replace the board at Health Management Associates. Regarding the latter, a number of market watchers expect CHS to be the prime bidder should HMA head to the auction block. Shares of CHS (Ticker: CYH) were down slightly to $46.52 in Wednesday afternoon trading.