Current Market Conditions for Middle Tennessee:

JULY/August 2011

National:

1.3% Increase In July Pending Home Sales*

4.0% Decrease in July Single Family Home
Sales*

21.5% Increase in Single Family Homes Sales Year-to-Date*

1.7% Decrease in Inventory Nationally
with 9.4 months of supply at current pace* (Up from 9.2 months in June)

4.4% Decrease in Median home Price from
July 2010*

29% of July Sales were Distressed
Properties*

32% of July homes sales were first
time home buyers*

18% of July Homes Sales were bought
by Investors* (Down 1% From June 2011)

50% of Homes Sales were Repeat
Buyers*

29% of Transactions for July were all
Cash*

0.7% Decrease in July New Home Sales over
June as reported by the U.S. Census Bureau News (Year-to-Date 6.8% Increase from July 2010)

1 in Every 570 Housing Units received
a Foreclosure filing in August 2011

18% Contract Failures Due to low
appraisals & qualification issues in August 2011

Regional:

4.8% Decrease in July pending Home Sales
in the South*

9.5 % Increase Year-to-Date in Pending Homes Sales in the South*

1.6% Decrease in July Existing Homes
Sales in the South*

19. 5% Increase in Existing Homes Sales Year-to-Date in the South*

2.2% Decrease in the median Sales Price
Year-to-Date in the South*

Greater Nashville:

4.6% Decrease in August Sales Year-to-Date***

28.4% Increase in August Homes Sales (All Categories) from August 2010***

10 months of Inventory as of
August***

1 in every 1,179 housing units
received a Foreclosure filing in Tennessee-August 2011

Williamson County:

18% Decrease in August Single Family
Homes Sales from July 2011**

16.5% Increase in August Single Family Homes Sales from August 2010**

 

*Information from NAR (National
Association of Realtors) President

**Information From WCAR (Williamson
County Association of Realtors) President

***GNAR (Greater Nashville
Association of Realtors)

 

Factors Impacting Today’s Market

 

Lack of Job Growth & Unemployment Still High

Debt Ceiling Debate & Consumer Price Index

Number of Distressed Properties pulling prices down

Inventory Levels Still High but both Associations report a
Decrease

Leasing Rates Rising

Attractive Affordable Conditions for Buyers

Interest Rates Remain Low

Eager Sellers

Contract Failures, Tight Credit, Changing Lending
Practices, Low Appraisals

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