Homes in Gatlinburg and Across the Nation See Mixed Results in July 2010

Smoky Mountain real estate follows general property trends like much of the nation.  The July 2010 numbers from the National Association of Realtors in Washington, D.C. reveal some interesting results.  July 2010 figures for existing-home sales were substantially lower by 27.2% from June of 2010 and were off 25.5% compared to July of 2009.  The July 2010 3.83 million units sold is at a level equal to 1999, when existing home sales records began.  Existing home sales represents finalized transactions on; single family homes, townhouses, condominiums and co-ops.  Single family homes have typically made up a majority of the existing-home sales.  However, single family house sales are at lower levels not seen since May of 1995. 

Lawrence Yun, NAR’s chief economist, had predicted this soft period in existing home sales.  He expected the rush for the home buyer tax credit, that ended in April, would create this lull .  The Chief Economist expects the soft pace in existing home sales is probably going to continue through September of this year.  Yun is optimistic that housing affordability, combined with very low mortgage interest rates, could boost home sales later on.  The real key in a healthy housing market remains with the creation of jobs throughout our economy.  If serious job creation occurs, the existing-homes sales will increase.

However, there is encouraging news in single-family existing home prices.  The median price for a single-family home was $183,400 in July 2010.  This median price was up 0.9% from a year ago.  Across the county 11 out of 19 metropolitan statistical areas saw increases in home prices.  This price increase occurred even when the overall sales figures were declining.  If you are interested in buying or selling property in the Smokies, the Jason White Team can help.  As a buyer, you can start your search online.  Our website allows you to set parameters specific to your personal search.  Begin now to find that ideal property and utilize some very low mortgage rates.

Here are a Couple of My Latest Listings:

Fantastic Mountain View & One Level!
Want one level living and great mountain views? This home is for you! Private, level ground with yard and southern exposure not to mention the shady covered front porch and sunny open deck with hot tub.
Type: Single Family Home
Location: Gatlinburg, Tennessee
Price: $179,900
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Premier View of Smoky Mountains!
Condo with sought after mountain views and 3 bedroom plan. Indoor and outdoor pools, hot tubs and saunas and really close to the Great Smoky Mountain Nat’l Park and ski resort.
Type: Condo
Location: Gatlinburg, Tennessee
Price: $115,000
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