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Thu, Jul 24, 2014

Home sales strong during fourth quarter

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Rutherford County home sales ended 2011 on a high note, according to newly released housing data.

Despite a nominal decrease from November to December, sales in the fourth quarter finished strong with a 26 percent gain from 2010 to 2011, according to Steven Dotson, president of Rutherford County-based Red Realty.

“Realtors are telling me they are busier than usual for this time of year, so I am very optimistic as we start this year,” Dotson stated in his monthly Red Report. “If the trends continue that we have seen the last six months, we should all feel confident that the market is slowly improving.”

He also pointed out that sales were up from 182 homes in December 2010 to 231 homes in December 2011.

Dotson once again stressed the importance of the improving job market.

“I can’t wait to see all the jobs created that have been announced,” he said. “As we see paychecks going into the hands of these new employees, the real estate market will follow with positive results.”

Home pricing statistics for December won’t be available until next month, but November data was released this week.

In Nashville-Davidson County, Murfreesboro and Franklin, home prices, including distressed sales, declined by 0.5 percent in November 2011, compared to November 2010, according to CoreLogic’s November Home Price Index, which is touted as being the most timely and comprehensive source of home prices available.

Distressed sales include short sales and real estate-owned transactions.

Excluding distressed sales, which are typically sold at a lesser cost, year-over-year prices increased by 1.1 percent from November 2010 to November 2011.

The Nashville metropolitan area fared far better than the rest of the country’s home prices, including distressed sales, which declined by 4.3 percent from November 2010 to November 2011, data shows. The decrease is far less – 0.6 percent – when distressed sales are excluded.

Prices of U.S. homes declined 1.4 percent from October 2011 to November 2011 – the fourth consecutive monthly decline.

"With one month of data left to report, it appears that the healthy, non-distressed market will be very modestly down in 2011,” said Mark Fleming, chief economist for CoreLogic. “Distressed sales continue to put downward pressure on prices and is a factor that must be addressed in 2012 for a housing recovery to become a reality.”
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Business, Home Sales, Murfreesboro, Real estate, RuCo
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