Housing continues to outperform the rest of the economy
Home prices and mortgage rates are both climbing. But buyers have shrugged it off for most parts as the housing market continues to stay in front of the rest of the local economy with few – if any – real negatives on the horizon.
So far this year, there have been 7,911 local residential resales. That’s 877 more than the first 10 months of last year. It’s a 12.5% increase.
Sellers are optimistic. The year-to-date average listing price for existing residential properties is $262,338, up $33,930 from last year. And sellers are pocketing an extra $37,289 per average sale.
Local residential mortgage activity is strong. Sales loans are closing the gap on refinancing loans which have dominated the loan origination market since the fourth quarter of 2019.
The most recent mortgage delinquency reports show the number of mortgaged properties that are seriously delinquent is low. It ranges from 2% in the Johnson City metro market to 2.4% in the Kingsport-Bristol market.
Foreclosure rates for both metro markets are below historical norms. The rate is 0.1% in each metro area, so that storm cloud is not in the picture.
NETAR is the voice for real estate in Northeast Tennessee. It is the largest trade association in the Northeast Tennessee, Southwest Virginia region, representing over 1,600+ members and 100+ business partners involved in all aspects of the residential and commercial real estate industries. Weekly market reports and information for both consumers and members are available on the NETAR website at https://netar.us