As we now reach the halfway point in 2013, there are some very noteworthy trends that are emerging nationally that continue to show a steady real estate market nationally. As we continue into 2013, here are some of the trends that are now emerging, and will have a noteworthy impact on real estate nationally, as well as locally.
According to the latest news from CoreLogic, the first indicator of note is that U.S. home prices have jumped 12.2% in May 2013 from a year ago, the most in seven years. The increase suggests the general national housing recovery is relatvively steady, and is, in fact, slowly strengthening. In addition, on average, national residential home prices rose 2.6% in May 2013 from April 2013, which is the 15th straight month-over-month increase, as measured. In many states, including Tennessee, home prices are gradually increasing and showing a generally positive increase.
The other notable indicator shows us that, according the U.S. Commerce Department, there was an increase in home construction, by 6.8%, in terms of overall pace of homes being constructed, in May 2013, as opposed to 14.8% decline in home construction in April 2013. Based on this, while not dramatically increasing, home construction is also holding steady and even gradually increasing, as well as with home prices.
Furthermore, according to Realtor.com, May of 2013 saw median list home prices were 2.10 percent higher than April 2013 home prices. This reflected a general and gradual trend towards higher home prices as a whole, and we see that the home prices are reflecting a steady national trend towards higher home prices, as well as greater consumer demand for homes.
The basic reasons for these trends are many, but generally can be attributed to greater demand, limited numbers of homes for sale, and fewer foreclosures, as well as steady hiring in the job market and relatively low mortgage rates. Based on this data, we foresee a gradual continuation of these national trends, especially with respect to home prices and available housing inventories.
There are still many great deals on homes available as we see home prices gradually rising nationally, especially in the Great Smoky Mountain market. If you have thought about purchasing a property in the Great Smoky Mountain region, now is the time to start looking. We invite you to visit our website to browse the available properties in the area.
Here Are A Few of My Available Listings:
|Classic Mtn. Chalet w/Mt. LeConte View This high quality classic contemporary mountain chalet features four master suites each with deck access. Fantastic peninsula lot with beautiful views of Mount LeConte. Type: Single Family Home Location: Gatlinburg,Tennessee Price: $279,900 Get more information >|
|Custom-Built Home on Douglas Lake Custom built home on a lake front peninsula surround by water on three sides with expansive views. Type: Single Family Home Location: Douglas Lake Price: $899,900 Get more information >|
|Updated & Luxurious Move in ready, recently painted & in excellent condition. Lovely patios front & rear and lawn in back, extras such as dimmable lights, upgraded light fixtures, beautiful 18 heated tile in master bath & oak flooring make the home feel special. Type: Single Family Home Location: Sevierville,TN Price: $239,900 Get more information >|