2014 NAR Existing Home Sales report released
On January 23, 2015 NAR (National Association of REALTORS) released it Existing Home Sales (EHS) reports for December 2014 and being the last month of the year it summarized the EHS numbers for 2014 as a whole. The reported a drop in annual sales of about 3%. I feel that the sales are an increase nationally when New Home Sales are included and for sure they increased in Middle Tennessee (around Nashville) with a 6.6% increase in total sales volume over 2013.
In every month we saw an increase over last year and in many months we exceeded 2007 sales numbers as shown below.
Franklin, TN and Spring Hill, TN were areas leading the way with robust sales numbers in 2014. Nationally the NAR report highlights that the EHS median price ($208,500) also increased by 5.9% exceeding all prior years back to 2007 ($219,000).
Cash was still a major player in the real estate landscape as 1 out of 4 sales in December 2014 were all-cash transactions and only 17% of all the sales were by individual investors.
First time home-buyers accounted for 29% of the existing home sales in December 2014. Personally I think that this number will grow in 20-15 as the FHA Mortgage Insurance Premium (MIP) is reduced beginning on 1/26/15 to 0.85% of the loan down from 1.35%. This will actually make homes more affordable and allow more buyers to be financially approved for a loan. Fannie Mae has also dropped their down payment from 3.5% to 3% to assist home buyers in getting into a home.
You can read the entire report on the NAR website, or if you have questions feel free to contact your local REALTOR here on this site to have a buyers seminar. The agents at EXIT Realty of the South are dedicated to educating buyers of homes in Franklin, Spring Hill, and counties surrounding Nashville.
The Grumbles Team's Mike Grumbles is Your Relocation Engineer in Franklin, Tennessee 615-587-5843.
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