In the past year, home prices nationwide have shown steady increases, along with other national market trends, greater demand for housing, increased home construction activity, and falling foreclosure and delinquency rates. In the past week, more data has emerged that continues to confirm and reinforce these national trends as we go into 2014.
During the year of 2013, up to November 2013, the S&P/Case-Shiller seasonally-adjusted national home price index skyrocketed by 13.88% (12.49% inflation-adjusted), the biggest year-on-year increase since March 2006, based on the latest figures released by Standard & Poor’s. In addition, at least 20 major U.S. cities, including San Francisco, Las Vegas, San Diego, and Atlanta, saw marked home price increases during the same time frame. Furthermore, the Federal Housing Finance Agency (FHFA) also showed that house price indices increased, albeit at a slighter rate, mainly 7.58% (6.27% inflation-adjusted) through November 2013, from that of November 2012.
In addition, during 2013, the median sales price of new homes sold in the U.S. increased by 8.4% to that $265,800, according to the U.S. Census Bureau statistics from November 2012 to November 2013. Another trend supported by the recent data indicates that the total number of houses sold in the U.S. rose by 428,000 units in 2013, also based on figures provided by the U.S. Census Bureau.
Furthermore, home construction activity is also on the rise, with an increase of home building permits by 4.6% nationally, along with increases in the number of housing units started (up by 1.6%), the total number of housing units under construction (up by 28.3%), and the number of housing units completed (up to 10.7%). In addition, home builder sentiment is on the rise, with an increase of 19.1% over the last year.
Finally, in 2013, the total number of foreclosure starts dropped by 33% from a year earlier, to 747,728 units—the lowest levels since 2006, according to foreclosure listing firm, RealtyTrac, Inc. In addition, foreclosure starts fell in 37 states, including those in California, Arizona, Colorado, and Georgia. Home repossessions were also lower in 2013, with a decrease of 31% from the previous year, and are now at their lowest levels since 2007, according to RealtyTrac, Inc.
Based on this data, we foresee these national trends in the real estate and housing market to largely continue well into 2014, as the economy continues its slow, but steady, recovery after the Great Recession of 2008.
With these recent national trends indicating a steadier and somewhat more stable market into 2014, now is a great time to see what the Great Smoky Mountains can offer you! Please feel free to browse our Featured Properties, and see how The Jason White Team can help you realize your home ownership dreams today! You can also browse our website to learn more about The Jason White Team, and you can also make The Jason White Team one of your first “Likes” on Facebook, along with checking out our Facebook page daily for information, features, and much, much more!
Here Are A Few of My Featured Properties:
Private, 2 BD/2 BA Cabin Located Within Walking Distance to Both Dwtn. Gatlinburg and City Trolleys! 1,300+ sq. ft., 2 level mountain cabin w/deck areas on the front & side. Located off a private drive in a wooded & very private setting; excellent location! Type: Single-Family Home Location: Gatlinburg, TN Price: $194,900 For more information >
Private, Cozy, 1 BD/1 BA Chalet Located Only Mins. from Downtown Gatlinburg! Made over $24,000 in rental income in 2013!!! Allows for maximum privacy, but also proximity to dwtn. Gatlinburg & the Nat’l Park! Type: Single-Family Home Location: Gatlinburg, TN Price: $179,900 For more information >
Nice, 2 BD/ 2 BA Condo w/Amazing Views of Dwtn. Gatlinburg, the Space Needle, and the Attractions! Made over $5,000 in rental income, starting in 2013 (first year on rental program)!!! Has a combination living/dining rm + kitchen, w/balcony access to amazing views of dwtn. Gatlinburg, the Smokies, & much more! Type: Condominium Location: Gatlinburg, TN Price: $149,900 For more information >
The Jason White Team
Century 21 Four Seasons Realty
1441 Wiley Oakley Dr
Gatlinburg, TN 37738
Toll Free: 877-678-2121