by TJ AndersonPhoto: Kidd Epps Art ShopNashville has plenty of furniture shops, vintage stores and home-goods outlets offering all kinds of familiar, classic-looking pieces. But if you want
What's Happening to Home Values?
I've been doing a lot of blogging about how home sales in Nashville and around the United States are up and continuing to climb. Happy times! And now there's word that home values are going up, too. After a six-year slump, the housing market is recovering in a big way, thanks to low mortgage rates, tempting home prices, and more of us finding work again. "Without a doubt, the U.S. housing market has been the most successful sector of the economy this year," reported Time magazine last month.
Here are the housing numbers as forecasted by analysts for 2013, according to Bloomberg.com:
- Sales of existing homes will rise about 7.2 percent to 4.98 million, the highest since 2007.
- Residential investments potentially could grow between 20 percent and 30 percent, adding as much as 0.75 percent to U.S. gross domestic product growth.
- Home prices will gain 3.3 percent after an estimated 4.5 percent jump in 2012.
- Building is set to jump after the inventory of new homes fell last year to the lowest level in half a century.
- Housing starts, including single- and multifamily units, are expected to increase 24 percent to 967,000 in 2013, the most since 2007, according to the median of 17 estimates. Starts will reach an annual pace of 1 million by the end of this year and 1.5 million by the end of 2016.
- Purchases of new single-family houses will climb 23 percent to 448,000 this year, extending last year’s rebound from a record low 306,000 in 2011.
TJ Anderson is a Nashville Realtor with Benchmark Realty who's helped countless clients both buy a home and sell a home in Nashville, Tennessee. He blogs about Nashville regularly, from Nashville-area....
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