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| Nashville housing market has a slow start in 2011 |
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Metrostudy Report - (Nashville, TN– May 1, 2011) While employment and inventories improve in the Nashville market, starts and closings remain slow, according to a recent report by Metrostudy, a national housing data and consulting firm that maintains the most extensive primary database on residential construction in the US housing market. Tennessee currently has an unemployment rate of 9.5%, while the Nashville Metropolitan Statistical Area (MSA) stood at 8.3% as of March 2011, lower than March 2011 national unemployment rate. “Employment outlook in Nashville remains optimistic, even as job growth pulled back slightly in March,” said Jason Brown, director of Metrostudy’s Nashville Region. “The increasing health of the local and national economy will be a major factor to see improvement in 2011.”Closings in the Nashville area decreased 12.7% during 1Q11 compared to 4Q10 to 784 homes. Starts also decreased 5.8% quarter over quarter to 655 homes in 1Q11. “The first quarter was less robust than anticipated for all parties concerned in the housing industry,” said Brown. However, since closings outpaced starts, inventory was reduced and stood at 770 units less than a year ago at the end of 1Q11. Nashville’s finished home inventories are steadily approaching a healthy equilibrium (2.0 months) and their current level of 2.8 months of supply is down from a high of 4.9 two years ago. “Builders continue to successfully sell their inventory. As inventory continues to dwindle, organic growth will begin to fuel resurgence in demand for new starts,” said Brown. About Metrostudy Contact: |
