MURFREESBORO (AP) — Home prices increased last quarter in Tennessee compared to the same period in 2018, but total home permits dropped, according to a housing report.
The Middle Tennessee State University Business and Economic Research Center report says home prices increased by about 6%. The Morristown metropolitan area saw the biggest jump in home prices, with an 8.1% increase.
Meanwhile, total home permits dropped almost 5.2% amid a 25.8% decrease in multi-family permits, indicated a decline in new projects. Single-family permits still grew by almost 5.5%.
The report says Tennessee's annual change in housing prices has exceeded the that of the country for the last four years.
Mortgage delinquencies saw a decline. But homeowner and rental vacancy rates have shown sharp increases for the quarter, the report found.
"Despite a few downward trends, Tennessee's economy appears very promising for the third quarter of 2019," the report says. "Many of the economic indicators show considerable upward trends."