Home prices in Tennessee continued rising in the fourth quarter of 2018 while construction permits were down from the previous quarter, according the latest quarterly housing report from the MTSU Business and Economic Research Center.
But total permits were up year-over-year and overall trends indicate “a stable economy,” noted BERC Director Murat Arik, author of the report.
See the full current and previous reports with detailed breakdowns and summaries by going to http://mtsu.edu/berc/housing.php and clicking the appropriate links.
Other report highlights:
• HOME PRICES: Home prices increased across all Metropolitan Statistical Areas, or MSAs, tracked by this report, with prices up 7.4 percent statewide. The most significant housing price changes were in the Jackson and Clarksville MSAs with increases of 10.5 percent and 10.4 percent, respectively.
• HOME SALES: Closings were up and inventories down in Nashville, Knoxville and Memphis from the previous quarter.
• CONSTRUCTION: Single-family, multifamily, and total permits all declined from the previous quarter, while year-over-year comparisons showed increases in multifamily and total permits (31 percent and 4 percent, respectively) and a decrease in single-family (5.5 percent).
• FORECLOSURES: Tennessee’s foreclosure and mortgage delinquency rates were low compared to those before, during and following the recession.
BERC’s report is funded by Tennessee Housing Development Agency, or THDA. 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 is the state’s housing finance agency and is committed to expanding safe, sound, affordable housing opportunities for low and moderate income Tennesseans. This is achieved through a robust home loan program, competitive funding for local nonprofit and municipal agencies, and the administration of nine federally funded programs. THDA publishes research on affordable housing and THDA 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 for more information.