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Understanding the Market | Greater Nashville

Middle Tennessee Home Sales Increase 9.7 Percent
Greater Nashville REALTORS®; Press Release | December 9, 2019

(December 9, 2019) – There were 3,232 home closings reported for the month of November according to figures provided by Greater Nashville REALTORS. This figure is up 9.4 percent from the 2,954 closings reported for the same period last year.

"November was a great month," said Andrew Terrell, Greater Nashville REALTORS® president." A large number of pending sales in October, led to a strong finish for November."

There were 2,801 sales pending at the end of November, compared to 3,076 pending sales at this time last year. The average number of days on the market for a single-family home was 33 days.

The median price for a residential single-family home was $322,500 and for a condominium, it was $242,900. This compares with last year’s median residential and condominium prices of $295,000 and $221,250 respectively.

Inventory at the end of November was 10,841 down from 12,004 in November 2018.

"The current local market is vibrant and healthy. Job expansion, lower mortgage rates and higher wages are driving the housing market. If you are looking to buy or sell a home, contact a Realtor. It is critical in our thriving economy to have a Realtor help consumers navigate the market," added Terrell.

Source:  Greater Nashville REALTORS®, Press Release 120919

About Us: Greater Nashville REALTORS® is one of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville-area property owners. REALTOR® is a registered trademark that may be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict code of ethics.

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Understanding the Market | National Overview

Market Strength to Continue Next Year, Freddie Predicts
Freddie Mac | December 2, 2019

You can expect the housing market to continue gathering strength in the new year. Freddie Mac predicts 2019 to wrap up with 6 million home sales for the year and 6.1 million in 2020, according to the mortgage giant's November forecast.

Freddie Mac Chief Economist Sam Khater acknowledges that the economy saw increased volatility in November from ongoing trade disputes. “However, given low interest rates, modest inflation, and a strong labor market, the U.S. housing market continues to stand firm, and our forecast is for the housing market to maintain momentum over the next two years,” Khater says.

Freddie predicts that the popular 30-year fixed-rate mortgage will have an interest rate of about 4% for the remainder of 2019 and decrease slightly to 3.8% in 2020 and 2021. Economists predict that home price growth will moderate somewhat. Freddie predicts that through 2021, annual rates of home price growth will be 3.2% for 2019 and then drop slightly to 2.9% in 2020 and 2.1% in 2021. Economists are still predicting increases in purchase mortgage originations, a gauge for home sales, from $1,255 billion in 2019 to $1,299 billion in 2020.

Also, economists are predicting a surge in refinancing activity as mortgage rates remain low. They predict a growth of $846 billion this year in refinance mortgage originations and then taper slightly to $834 billion in 2020. 

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