TENN. HOUSING MARKET: Market ‘strong and stable’ as prices continue rising in largest metro areas

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.