MURFREESBORO, Tenn. — Tennessee’s housing market continued to perform well in the third quarter
of 2016, according to the latest statewide quarterly report from the MTSU
Business and Economic Research Center.
BERC Director Murat Arik
pointed to historically low unemployment claims and mortgage delinquency rates
at some of the lowest levels in over a decade as key factors.
“Overall, indicators
depict a strong financial foundation in the state,” Arik noted. “The housing
market is performing considerably well.”
Other good signs were low
rental vacancy rates and increased multi-family construction permits during the
quarter. Meanwhile, housing prices increased by half a percentage point more
for the state than for the nation.
Additionally, Nashville
MSA housing prices increased by 9 percent over the year — nearly 3 percentage
points higher than the state and 3.5 percentage points higher than the country.
Other report highlights
include:
- Over the year, Tennessee housing
permits outperformed the South and the U.S.
- The Memphis area’s housing inventory
decreased by 18 percent over the year.
- Mortgage delinquency rates are down
overall for Tennessee.
BERC’s report is funded
by Tennessee Housing Development Agency to provide regular metrics on the
state’s housing market. See the full report with detailed breakdowns and
summaries at http://mtsu.edu/berc/housing.php.
Under contract with THDA,
BERC releases the “Tennessee Housing Market” report each quarter. The 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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