MURFREESBORO, Tenn. — Tennessee’s housing market in the first quarter of 2017 “is strong and
stable,” according to the latest statewide quarterly report from the MTSU
Business and Economic Research Center.
New single-family construction permits were up 4 percent from the
previous quarter, and up 9 percent year-over-year.
“The indicators outlined in this report reveal a housing market that is
strong and stable,” noted BERC Director Murat Arik. “This quarter, mortgages
past due are at a 17-year low, and housing prices are rising in all areas of
the state, especially the Nashville MSA.”
Other report highlights include:
- Housing
prices rose more than 10 percent in the Nashville area year-over-year and
more than 5 percent in the Clarksville and Knoxville MSAs. The Memphis MSA
was up 4.5 percent.
- Over
the year, single-family permits are up 22 percent. Multi-family and total
permits are down 58 percent and 13 percent, respectively.
- Closings
increased in all three large metro areas (Nashville, Memphis, Knoxville) over
the year.
See the full latest and previous reports with detailed breakdowns and
summaries at http://mtsu.edu/berc/housing.php.
BERC’s report is funded by Tennessee Housing Development Agency. The quarterly
report offers an overview of the state's economy as it relates to the housing
market and includes data on employment, housing construction, rental vacancy
rates, real estate transactions and mortgages, home sales and prices,
delinquencies and foreclosures.
The Business and Economic Research Center operates under the Jennings A.
Jones College of Business at MTSU. For more information, visit http://mtsu.edu/berc/.
THDA publishes research on affordable housing, its programs and
beneficiaries. THDA also coordinates state planning for housing through the
Consolidated Planning process, annual Action Plans, and annual Performance
Reports. See http://thda.org/research-planning/research-planning for more information.
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