THE NAIL
The official magazine of Home Builders Association of Middle Tennessee
President Kelly Beasley
Vice President Eli Routh
Secretary/Treasurer Danny Clawson
Executive Vice President John Sheley
Editor and Designer Jim Argo
Staff
Connie Nicley Kim Grayson
THE NAIL is published monthly by the Home Builders Association of Middle Tennessee, a non-profit trade association dedicated to promoting the American dream of homeownership to all residents of Middle Tennessee.
SUBMISSIONS: THE NAIL welcomes manuscripts and photos related to the Middle Tennessee housing industry for publication. Editor reserves the right to edit due to content and space limitations.
POSTMASTER: Please send address changes to: HBAMT, 9007 Overlook Boulevard, Brentwood, TN 37027. Phone: (615) 377-1055.
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Annual Installation Banquet set for December 11th
The 2025 Builders First Source Installation Awards Banquet is scheduled for Thursday, December 11th at the Cool Springs Marriott. RSVP now.
12
Installation Banquet sponsorships now available
Register now to sponsor the Annual Installation Awards Banquet, scheduled for Thursday, December 11th at the Cool Springs Marriott.
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Big night with big winners at annual Chili Cook-off!
The 2025 Chili Cook-off and 2026 General Elections were held last month at the HBAMT. Check out all the winners here.
ON THE COVER:
Don’t miss the HBAMT’s big events this month. The Annual Installation Banquet will be held December 11th (see page nine), and the HBAMT’s Holiday Office Party is set for December 17th. Plus, check out special holiday events being held by the Wilson County Chapter and the Sales & Marketing Council on page eighteen.
Existing home sales rise to eight month high in October
Existing home sales rose to an eightmonth high in October as buyers took advantage of lower mortgage rates, according to the National Association of Realtors (NAR). Resale inventory improved from a year ago but remained below pre-pandemic levels. Relatively tight supply continued to push home prices higher and challenge housing affordability. These affordability pressures vary by region, with first-time buyers in the Northeast facing limited inventory, while buyers in the West struggle with elevated home prices.
Mortgage rates hovered between 6.5% and 7% earlier this year due to economic and tariff uncertainty. However, with the Fed resuming rate cuts in September, mortgage rates have fallen gradually. As of October 30th, the average mortgage rate decreased to 6.17%, the lowest in over a year. With additional rate cuts expected in coming months, lower mortgage rates and improved inventory should bring more buyers and sellers into the market.
Total existing home sales, including single-family homes, townhomes, condominiums, and co-ops, rose 1.2% to a seasonally adjusted annual rate of 4.10 million in October, the highest level since February. On a year-over-year basis, sales were 1.7% higher than a year ago.
The existing home inventory level was 1.52 million units in October, down 0.7% from September but up 10.9% from a year
ago. At the current sales rate, October unsold inventory sits at a 4.4-months’ supply, down from 4.5-months in September but up from 4.1-months in October 2024. Inventory between 4.5 to 6 months’ supply is generally considered a balanced market.
Homes stayed on the market for a median of 34 days in October, up from 33 days last month and 29 days in October 2024.
The first-time buyer share was 32% in October, up from 30% in September and 27% from a year ago.
The October all-cash sales share was 29% of transactions, down from 30% in September but up from 27% a year ago. All-cash buyers are less affected by changes in interest rates.
The October median sales price of all existing homes was $415,200, up 2.1% from last year. This marks the 28th consecutive month of year-over-year increases. The median condominium/co-op price in October was up 0.9% from a year ago at $363,700. Recent gains for home inventory will put downward pressure on resale home prices in most markets in 2025.
Existing home sales in October were mixed across the four major regions. Sales rose in the Midwest (5.3%) and South (0.5%), fell in the West (-1.3%), and remained unchanged in the Northeast. On a year-over-year basis, sales were up in the Northeast (4.3%), South (2.8%) and Midwest (2.1%), while down in the West (-2.6%). n
Builder sentiment relatively flat in November
Market uncertainty exacerbated by the government shutdown along with economic uncertainty stemming from tariffs and rising construction costs kept builder confidence firmly in negative territory in November.
Builder confidence in the market for newly built single-family homes rose one point to 38 in November, according to the NAHB/Wells Fargo Housing Market Index (HMI) released recently.
“While lower mortgage rates are a positive development for affordability conditions, many buyers remain hesitant because of the recent record-long government shutdown and concerns over job security and inflation,” said NAHB Chairman Buddy Hughes. “More builders are using incentives to get deals closed, including lowering prices, but many potential buyers still remain on the fence.”
“We continue to see demand-side weakness as a softening labor market and stretched
consumer finances are contributing to a difficult sales environment,” said NAHB Chief Economist Robert Dietz. “After a decline for single-family housing starts in 2025, NAHB is forecasting a slight gain in 2026 as builders continue to report future sales conditions in marginally positive territory.”
In a further sign of ongoing challenges for the housing market, the latest HMI survey also revealed that 41% of builders reported cutting prices in November, a record high in the postCovid period and the first time this measure has passed 40%. Meanwhile, the average price re-
Job report highlights still growing labor market
The long-delayed September jobs report revealed that the U.S. economy added 119,000 jobs while the unemployment rate climbed to its highest level in nearly four years. Combined with downward revisions to previous months, this month’s data indicates a slowing of the U.S. labor market, though one that is still expanding. With the October jobs report cancelled due to the government shutdown and November’s report not scheduled for release until December 16, this September report now stands as the Federal Reserve’s final look at labor market conditions before its December meeting.
In September, wages grew at a 3.8% pace year over year, matching August’s increase. Wage growth has been outpacing inflation for nearly two years, which typically occurs as productivity increases.
In September, employment gains were seen in health care (+43,000), food services and drinking places (+37,000), and social assistance (+14,000), while the transportation and warehousing sector and the federal
government experienced job losses. Federal government employment fell by 3,000 positions in September and has now shed a total of 97,000 positions since peaking in January 2025. The BLS notes that “employees on paid leave or receiving ongoing severance pay are counted as employed in the establishment survey.”
Construction Employment
Employment in the overall construction sector increased by 19,000 in September, after three consecutive months of job losses. Within the industry, residential construction added 3,100 jobs, while non-residential construction gained 16,300 positions.
Residential construction employment now stands at 3.3 million in September, including 954,000 workers employed by builders and remodelers and 2.4 million residential specialty trade contractors.
The six-month moving average of job gains for residential construction remains negative at -3,767 per month, reflecting
duction was 6% in November, the same rate as the previous month. The use of sales incentives was 65% in November, tying the share in September and October.
Derived from a monthly survey that NAHB has been conducting for more than 40 years, the NAHB/Wells Fargo HMI gauges builder perceptions of current single-family home sales and sales expectations for the next six months as “good,” “fair” or “poor.” The survey also asks builders to rate traffic of prospective buyers as “high to very high,” “average” or “low to very low.” Scores for each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good than poor.
The HMI index gauging current sales conditions increased two points to 41, the index measuring future sales fell three points to 51 and the gauge charting traffic of prospective buyers posted a one-point gain to 26.
Looking at the three-month moving averages for regional HMI scores, the Northeast rose two points to 48, the Midwest fell one point to 41, the South increased three points to 34 and the West gained two points to 30 n
losses in four of the past six months for May through August 2025. Over the last 12 months, residential construction has seen a net loss of 44,900 jobs, marking the fifth consecutive annual decline since September 2020. Since the low point following the Great Recession, residential construction has gained 1,340,000 positions.
In September, the unemployment rate for construction workers jumped to 5.1% on a seasonally adjusted basis. The unemployment rate for construction workers has remained at a relatively lower level, after reaching 15.3% in April 2020 due to the housing demand impact of the COVID-19 pandemic. n
the officers of the Home Builders Association of Middle Tennessee request the pleasure of your company at the
81st Annual Installation and Awards Banquet
Thursday, December 11, 2025
5:30 pm (doors open) - Reception - 6:00-7:00 pm
Reception sponsored by:
Franklin Marriott Cool Springs
700 Cool Springs Blvd, Franklin, TN 37067
LIMITED SEATING - RSVP REQUIRED
Tickets - $160.00 per person w/RSVP by Fri, Nov. 28th
$185.00 per person w/RSVP after 11/28
RSVP to: CNICLEY@HBAMT.ORG
The 2025 HBAMT Installation & Awards Banquet
r GENERAL SPONSOR
r PLATINUM SPONSOR
- Logo on all printed material
- Two tickets to Installation & Awards Banquet
- Recognition at Banquet + Four (4) beverage tickets
- Larger logo on all printed material
- Two (2) tickets to Installation & Awards Banquet
- Eight (8) beverage tickets of your choice
- Increased recognition at Banquet $1,500
- Dual logos on all printed material
r RECEPTION SPONSOR (1 available)
- Signage at Reception and Banquet
r TITLE SPONSOR (1 available)
- Four (4) tickets to Installation & Awards Banquet
- 30 (30) beverage tickets of your choice
- Increased recognition at Banquet
- Headliner on all printed material with logo at
$6,500
- Welcome everyone & introduce entertainment
- Table at Installation & Awards Banquet (8 tickets)
- Sixty (50) beverage tickets of your choice
$9,600
A Winning Night!
The HBAMT’s Annual Chili Cook-off was held last month in conjunction with the 2026 General Elections. An expert panel determined the top three teams awarded for the top chili creations of the evening. First place honors went to the “Red Truck Chili Peppers” team from Irving Materials, Inc. Second place went to the “Homes 4 Homes Comfort in a Cup” team from Team Wilson. And third place was awarded to the “Angry Birds Chili” team from Robert F. Henry Tile Company.
United Communication's "Steaming Heat" team took home the People’s Choice Award, determined by ballots cast by event attendees.
HBAMT Election winners who will be sworn in during the Installation and Awards Banquet (see page nine) included the following:
President: Eli Routh
Vice President: Danny Clawson
Secretary/Treasurer: Sam Gray
Local Directors: Derek Budde, Hilary Delwiche, Jason Demuth, Jimmie Johnson, Jr., Caleb Knox, Lauren Pennington , Wiggs Thompson, and Derek Ventura.
State Directors: Kelly Beasley, Derek Budde, Jordan Clark, Rachel Holloway, Elliot Parry, Brandon Rickman, Steve Shalibo, and Kevin Sturgill.
National Directors: Derek Budde, Jordan Clark, Jimmy Franks, Trey Lewis, Eli Routh, and Randall Smith.
Congratulations to all of the big winners during the evening! n
First Place winners: Irving Material Inc.'s "Red Truck Chili Peppers" chili cook-off team.
Second Place winners: Team Wilson's "Homes 4 Homes Comfort in a Cup" cook-off team.
Third Place winners: Robert F. Henry Tile's "Angry Bird Chili" team.
People's Choice Award winners: United Communication's "Steaming Heat" team.
Bean There, Done That Continental Building Solutions
Red Dog Chili - Sit. Stay. Eat. Red Dog Dumpsters
Westwood Clean Cauldron Westwood Interior Cleaning
Pootin' Tootin' Chili Bros' Tennessee Shower Doors
Homes 4 Homes Comfort in a Cup Team Wilson
Cheesy Potato Soup Building Solutions by Spann
Red Truck Chili Peppers Irving Materials, Inc.
Bowl Movements LGI Homes
Angry Bird Chili Robert F. Henry Tile Co.
Steaming Heat United Communications
Casework & Crockpot Collective California Closets
The Rate Roasters CMG - The Wedig Team
SPIKE REPORT
Twenty-seven SPIKES (in
DECEMBER CALENDAR
CHAPTERS & COUNCILS
CHAPTERS
CHEATHAM COUNTY CHAPTER
Chapter President - Roy Miles
Cheatham County Chapter details are being planned. Next meeting: to be announced.
RSVP to: cnicley@hbamt.org
DICKSON COUNTY CHAPTER
Chapter President - Matt Spann
Dickson County Chapter meetings are typically held on the third Thursday of the month.
Next meeting: Thursday, December 18th, 12 noon. at Colton's Steak House - 2431 Highway 46 S, Dickson 37055
Topic and sponsor: Schluter Systems.
Free w/RSVP RSVP to: cnicley@hbamt.org
MAURY COUNTY CHAPTER
Chapter President - Sam Gray
Maury County Chapter meetings are typically held on the first Tuesday of the month.
Next meeting: to be announced.
FREE w/RSVP pending sponsorship; $20 w/o RSVP PLEASE RSVP to cnicley@hbamt.org
METRO/NASHVILLE CHAPTER
Chapter President - Lisa Underwood
Metro/Nashville Chapter details are typically held on the fourth Thursday of the month.
Next meeting: to be announced.
$25 per person w/RSVP - LUNCH SERVED RSVP to: cnicley@hbamt.org
ROBERTSON COUNTY CHAPTER
Robertson County Chapter details are currently being planned. Next meeting: to be announced. RSVP to: cnicley@hbamt.org
SUMNER COUNTY CHAPTER
Chapter President - Joe Dalton
The Sumner County Chapter typically meets on the third Tuesday of the month. Next meeting: to be announced. RSVP to: cnicley@hbamt.org
WILLIAMSON COUNTY CHAPTER
Chapter President - Rachel Holloway
Williamson County Chapter meetings are typically held on the third Tuesday of the month.
Next meeting: to be announced.
FREE w/RSVP pending sponsorship. RSVP to: cnicley@hbamt.org
WILSON COUNTY CHAPTER
Chapter President - Margaret Tolbert
Wilson County Chapter meetings are typically held on the second Thursday of the month.
Next meeting: Wednesday, December 3rd, 5-7 p.m.; Silent Auction: 6:30 to 7:00 p.m.
Topic: "Christmas Tree Charity Event." Join the Chapter at the Ferguson Showroom in Mt. Juliet. Ferguson will be hosting a Silent Auction Event featuring Christmas trees decorated by professional designers.
Ferguson Showroom - Mt. Juliet
401 S. Mt Juliet Rd, Ste. 515 - 37122
FREE with RSVP thanks to Ferguson
RSVP to: cnicley@hbamt.org
COUNCILS
HBAMT REMODELERS COUNCIL
The HBAMT Remodelers Council meets at varying locations throughout the year.
Next meeting: to be announced.
RSVP to RMC meetings and events to: cnicley@hbamt.org
INFILL BUILDERS COUNCIL
Infill Builders Council meetings are typically held on the last Wednesday of the month.
Next meeting: Wednesday, December 3rd, 11:30 a.m, at the HBAMT - 9007 Overlook Blvd, Brentwood 37027
Topic: Zoning Reform in Nashville. Join the Council for a discussion on zoning reforms in Nashville and a Q & A session with our special guest Rollin Horton, Nashville Council Member, District 20
FREE with RSVP thanks to Consistent Capital!
PLEASE RSVP and SUBMIT YOUR QUESTIONS for our guest to: cnicley@hbamt.org
MIDDLE TENN SALES & MARKETING COUNCIL Council President - Chuck Payne
The SMC typically meets on the first Thursday of the month. Next event: Thursday, December 4th, 9 a.m. at the HBAMT. Topic: "SMC Holiday Mixer at the HBAMT." Please bring a dish to share and join us for our annual Holiday Mixer.
Free for SMC Members w/RSVP.
NON-SMC MEMBERS MUST RSVP and PAY: $25 with RSVP; $30 w/o RSVP
**HBAMT members must be a paid member of the Sales & Marketing Council in order to receive council rates** RSVP to: cnicley@hbamt.org
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