Real estate data firm CoreLogic says Middle Tennessee home prices finished this past July 10.7 percent higher than the year before. That's up slightly from May and more than four points higher than ealry this year. Another good sign is that distressed properties are taking a much smaller bite out of the market these days: Including them in CoreLogic's index would have only lowered the year-over-year gains to 9.3 percent.
Worth noting, however, is that CoreLogic recently forecast that Nashville-area homeowners should expect to see year-over-year price gains of just 1.2 percent by early 2014. That would make for one heck of a comedown in the next seven months.
Want one more tidbit about how good Nashville's housing market is these days? It's so good it's also good for you, say the researchers at RealtyTrac and Local Market Monitor. The two firms have compiled statistics looking at wellness and the ability to build wealth. Combine the two and Nashvlle ranks among the country's best markets. Check out the full report here.
“While families have many good options across the country in terms of places where healthy living is evident and the prospect of appreciating home prices is solid, there are some markets that clearly stand head and shoulders above the rest,” said Daren Blomquist, vice president at RealtyTrac. “The markets considered for the Health and Wealth list all have strong appreciation potential. Some are healthier than others. This report not only features those top markets for appreciation but also highlights important health- and wealth-related factors for families to research in any market before they make the decision to buy a home.”
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.