Home permits rise, apartment permits skyrocket during final quarter of 2015


MTSU News and Media Relations

Single-family home permits rose 31 percent in Tennessee and multi-family permits went up 72 percent in the last quarter of 2015.

Tennessee’s housing market continued to show noticeable improvement in the last quarter of 2015, according to the latest statewide housing report from the MTSU Business and Economic Research Center.

The report, funded by Tennessee Housing Development Agency to provide regular metrics on the state’s housing market, showed a 31 percent increase statewide during the quarter for construction permits for single-family homes.

Multi-family permits rose a remarkable 72 percent, said Research Center Director Murat Arik, who also noted the state’s steadily improving unemployment rate.

Meanwhile, inventory fell and home sales rose in the top three metro areas of Memphis, Nashville and Knoxville throughout the year. Delinquency rates across the state are at a post-recession low for both mortgages past due and foreclosures started, the report notes.

Year-over-year home prices were up 5 percent for the state, with the highest jumps in the Nashville Metropolitan Statistical Area at 8.2 percent, the Morristown MSA at 5.2 percent, and the Kingsport-Bristol MSA at 4.9 percent.

See the full report 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/.

Tennessee’s housing market continued to show noticeable improvement in the last quarter of 2015, according to the latest statewide housing report from the MTSU Business and Economic Research Center.

The report, funded by Tennessee Housing Development Agency to provide regular metrics on the state’s housing market, showed a 31 percent increase statewide during the quarter for construction permits for single-family homes.

Multi-family permits rose a remarkable 72 percent, said Research Center Director Murat Arik, who also noted the state’s steadily improving unemployment rate.

Meanwhile, inventory fell and home sales rose in the top three metro areas of Memphis, Nashville and Knoxville throughout the year. Delinquency rates across the state are at a post-recession low for both mortgages past due and foreclosures started, the report notes.

Year-over-year home prices were up 5 percent for the state, with the highest jumps in the Nashville Metropolitan Statistical Area at 8.2 percent, the Morristown MSA at 5.2 percent, and the Kingsport-Bristol MSA at 4.9 percent.

See the full report 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/.

About The Author

Kelly Gilfillan is the owner-publisher of Home Page Media Group which has been publishing hyperlocal news since 2009.

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