The Nashville-area housing market finished 2014 with one out of 35 home mortgages being at least three months delinquent, according to research firm CoreLogic. That might sound like a lot but the 2.83 percent ratio is more than a full point below where it stood 15 months earlier. Similarly, the foreclosure rate among home loan lenders has come down steadily and is now below 0.5 percent. Here's how the region's numbers have trended over the past two years.
Housing market research firm CoreLogic says Nashville-area home prices were up 6.8 percent in January from a year earlier. That's down 0.9 percentage points from October and 1.3 points from July. Excluding distressed sales, the year-over-year price gain was 5.3 percent, also down almost a point from three months earlier.
In case you needed some more validation, a housing conditions index developed by Freddie Mac says Middle Tennessee's residential market is again picking up steam. Its Multi-Indicator Market Index was up almost 9 percent to end 2014 — the fastest pace since the summer — driven primarily by strong job growth.
Freddie Mac's national overview is here.
The team at housing research firm Zillow has tallied up all the 2014 numbers on housing markets across the country. The average Nashville-area homeowner, the analysts say, saw her or his home's value climb 7.2 percent. Those in the lowest third of the market saw their homes appreciate 7.8 percent. Check out those numbers and more — including a national 2015 forecast of a 3 percent rise in the median home value — here.
Housing market research firm CoreLogic says Nashville-area home prices, including distressed sales, rose 7.9 percent in November compared to the year before. Taking out distressed sales, the year-over-year growth still came in at 6.8 percent. Both of those numbers are up from the month before and measure up pretty well compared the country's 10 biggest cities.
We have two sets of local real estate statistics to pass on before year's end. First comes word from CoreLogic that the health of Middle Tennessee mortgages is still improving. After stalling out a bit during the spring and summer, both the foreclosure rate and the number of loans late 90 days or more fell markedly in October to levels not seen since the Great Recession began.
Secondly, multifamily market research firm Axiometrics says Nashville-area renters will end 2014 paying 5.5 percent more than they did a year ago. It won't be long until the average local effective rent breaks through the $1,000-per-month barrier.
The Nashville area's housing market is still growing healthier after a summer lull, according to the Freddie Mac Multi-Indicator Market Index, which measures various mortgage measures and other statistics. Middle Tennessee's improving job picture has a lot to do with that and gets a shout out in Freddie Mac's national index news release.
Nashville's apartment construction boom is feeding the appetite of the thousands of people — many of them desirable and free-spending millennials — moving to Music City each year and not ready or willing to buy a house. But the delivery of shiny new buildings also is helping push up rents at a steady clip. Research firm Axiometrics says Nashville-area effective rents rose 5.9 percent in the 12 months to November, which is more than a percentage point higher than in September.
View the full Axiometrics release here.
The housing market researchers at Metrostudy think Nashville-area home prices could continue to rise all the way through 2015 because of a number of supply factors. Homebuyers looking in several areas, they say, are going to run into problems finding vacant developed lots.
Total VDL inventory for the region now stands at 11,400 which equates to a 22 month supply but areas such as Williamson County are down to a 14 month supply, which is considered a severe shortage (2 years’ worth of lot supply is considered about normal).
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