In a new economic report from Middle Tennessee State University, the state’s housing market continues to show signs of a continued recovery from the impact of COVID-19.
The MTSU Business and Economic Research Center’s statewide analysis for the second quarter showed mostly positive outcomes, with home sales increasing overall from the previous quarter and home prices up from the previous year across the state.
Housing prices for the U.S. and Tennessee seem to follow a pattern of exponential growth, while mortgage delinquencies inch closer to pre-pandemic levels, and foreclosures remain slightly above zero percent. Here are some takeaways from the report.
- Among the major metropolitan statistical areas in Tennessee, all saw increases in home prices
- Single-family and total home permits for Tennessee were more mixed. Single-family permits slightly fell by .2%, and total permits rose by 12% since Q1 2021. Both categories of permits saw significant increases since the second quarter of 2020. Single-family permits rose by 36% and total family permits rose by 44%.
- Real estate transfer tax collections sharply increased from the first quarter by 24.5% and 68.5% over the year. Real estate transfer tax collections averaged $24 million
- Mortgage tax collections increased from the previous quarter by 15%, while the yearly increase was 36.25%