Market Update for July, 2021 Greater Nashville TN

NASHVILLE, Tenn. (July 7, 2021) – There were 4,649 home closings reported for the month of June, according to figures provided by Greater Nashville REALTORS®. This figure indicates a 11 percent increase from the 4,191 closings reported for the same period last year. "For the first time since March, we saw weekly inventory levels above the average during June," said Brian Copeland, Greater Nashville REALTORS® president. "While inventory remains low, Realtors are working harder than ever to bring quality homes to the market." Data for the second [...]

By |2021-07-16T10:04:47-05:00July 16th, 2021|Market Trends, Updates|

Market Update for May 2021, Greater Nashville

NASHVILLE, Tenn. (June 8, 2021) – Data for the month of May showed 4,063 home closings, according to figures provided by Greater Nashville Realtors. This figure indicates a 24 percent increase from the 3,267 closings reported for the same period last year. “This type of increase shows how quickly our area’s home inventory is going under contract and closing," said Brian Copeland, Greater Nashville Realtors president. "Buyers must remember, there are great homes out there. You can’t sit on the sidelines as prices and interest rates rise, but [...]

By |2021-06-12T13:21:58-05:00June 12th, 2021|Market Trends, Updates|

January 2021 Market Update, Greater Nashville Area

Home Sales Remain Strong in New Year NASHVILLE, Tenn. (Feb. 8, 2021) – According to Greater Nashville Realtors, home sales closed out at 2,745 closings reported for the month of January. This figure is up 4 percent from the 2,632 closings reported for the same period last year. “January’s numbers show the power of the Greater Nashville market. Many of these homes went under contract during the holiday season which is stereotyped as a subprime time to sell. As Realtors continue to remind their [...]

By |2021-02-20T17:00:09-06:00February 11th, 2021|Market Trends, Updates|

Market Update Week of August 10, 2020: Home Affordability Climbs

Black Knight reports that despite home prices rising 97 months in row, affordability is the highest since 2016. For the same monthly payment, buyers can now afford almost $32,000 more home than they could a year ago. The report notes that thanks to low mortgage rates, buying power is up 10% from a year ago. In that time, the average home price increased more than $12,000, yet the average monthly payment went down 6%! CoreLogic’s CEO says, “we expect these price increases to moderate [...]

By |2020-08-10T11:24:01-05:00August 10th, 2020|Market Trends, Updates|

Market Update Week of July 20, 2020: Home Sales Up

The V-shaped housing recovery continues. New Home Sales soared in June to a level higher than the one they reached before the shutdown--up 13.8% for the month, posting their highest annual sales rate since 2007! Existing Home Sales spiked 20.7% in June, their biggest monthly gain ever. Sales are still down 11.3% from a year ago, but demand is strong--62% of homes sold were on the market less than a month. Attom Data reports the typical home-sale profit hit $75,971 in the second quarter this [...]

By |2020-07-27T09:02:49-05:00July 27th, 2020|Market Trends, Updates|

Market Update: Week of July 20, 2020 – Housing Market in Recovery

The National Association of Realtors reports more than nine in ten Realtors say the market is recovering, as they embrace “technology and business practices to ensure the home buying process continued in a safe manner.” And that recovery is V-shaped. Purchase mortgage applications are up year-over-year between 13% and 33% the past seven weeks, and up 54% for new homes, while pending homes sales rose 44% last month. Home builders are joining the party too. Housing Starts jumped 17.3% in June to a 1.186 million annual rate. So it's [...]

By |2020-07-20T10:10:21-05:00July 20th, 2020|Updates|

Market Update Week of July 13, 2020

Fannie Mae’s June Home Purchase Sentiment Index (HPSI) revealed 61% of respondents think now is a good time to buy a home and 41% feel it’s a good time to sell--big rebounds from the survey’s record lows two months ago. Also rebounding: realtor.com’s latest Housing Market Recovery Index posted the largest nationwide weekly gain since its inception, ending up just a smidge below its pre-COVID baseline. Plus, Freddie Mac’s Chief Economist likes what he sees in the housing market across the country: “The [...]

By |2020-07-13T15:08:12-05:00July 13th, 2020|Market Trends, Updates|

Market Update Week of June 29, 2020: Home Sales Up, Down

After their upside surprise in April, New Home Sales blasted ahead 16.6% in May, to a 676,000 annual rate. Sales are up 12.7% from a year ago, the 12-month average just 1.1% below February’s post-2008 high. Existing Home Sales dropped 9.7% in May, to 3.910 million annually. But those contracts were signed at the height of the lockdowns, while New Home Sales, logged at contract signing, are a timelier indicator of current activity. Freddie Mac: “After the Great Recession, it took more than ten years for purchase [...]

By |2020-06-29T09:30:05-05:00June 29th, 2020|Market Trends, Updates|

Market Report, week of June 22, 2020: Builders Bouncing Back

Home building rebounds: Housing Starts went up 4.3% in May, Building Permits spiked 14.4%, and the National Association of Home Builders confidence index's biggest ever monthly gain took it into positive territory. With the economy turning around, Freddie Mac noted, “one segment that is exhibiting strength is the housing market. Purchase demand activity is up over 20% from a year ago, the highest since January 2009.” Fannie Mae sees record-low mortgage rates into 2021 helping prices and builds, and taking 2020 refinances to their highest level [...]

By |2020-06-22T14:22:06-05:00June 22nd, 2020|Market Trends, Updates|

Market Update Week of June 8, 2020: Buyer Applications Up 18% Over Last Year

Freddie Mac’s chief economist notes, “...all signs continue to point to a solid recovery in home sales activity heading into the summer as prospective buyers jump back into the market.” In fact, the Mortgage Bankers Association reported purchase applications rose for the seventh week in a row, spiking 18% over last year, citing “pent-up demand from home buyers returning to the market.” Realtor.com’s chief economist chimes in: “We're seeing more home buyers in the market than we did this time last year."  She adds: "It's [...]

By |2020-06-08T08:30:10-05:00June 8th, 2020|Market Trends, Updates|
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