Home Prices
P
rices for homes climbed again during the third quarter for the state and a majority of metropolitan areas in Tennessee. Average prices for Tennessee gained 1.8% over the year, lower than the 2.3% increase in the previous
quarter. Home prices for Tennessee have climbed gradually since 2012 but at a slower pace than the U.S. (Figure 6). The Nashville MSA experienced the largest increase among the 10 MSAs in Tennessee, rising 4.1% over the year.
Figure 6. Tennessee house price index (2000 = 100.0)
170
Tennessee
160
United States
150 140 130 120 110 Source: www.FHFA.gov All-Transactions Index
100 2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Table 3. Change in housing prices year to year Area U.S. Tennessee Chattanooga MSA Clarksville MSA Cleveland MSA Jackson MSA Johnson City MSA Kingsport-Bristol MSA Knoxville MSA Memphis MSA Morristown MSA Nashville MSA TN nonmetro areas
2011.4–2012.4 2012.1–2013.1 2012.2–2013.2 2012.3-2013.3 0.8% 0.4% 0.8% 0.9% 2.2% 0.3% 0.7% -0.6% -0.2% -0.2% 2.1% 1.3% -0.7%
2.3% 1.1% 1.1% -1.7% 0.6% 2.5% -0.1% 1.8% 0.5% 0.2% -0.6% 2.5% -0.2%
4.3% 4.5% 2.3% 1.8% 2.0% 1.2% -0.8% 0.0% 1.2% -1.6% 0.4% -2.6% 1.4% -0.5% 4.0% 0.9% 1.5% 1.2% 1.6% 0.8% 1.0% -0.6% 3.9% 4.1% 0.9% 0.7%
Source: FHFA All-Transactions Index
6
Tennessee Housing Market Q3