Home prices nationally are expected to continue falling in the next 12 months, while Nashville prices — which had stabilized — are expected to drop again as well, according to an analysis released Thursday by Fiserv, using its Fiserv Case-Shiller Home Price Index.
The Nashville Busness Jouranal said according to the report, Nashville homes prices have "temporarily stabilized," rising 2.9 percent from the first to second quarters of this year, while falling 3.5 percent for the past year.
Though Fiserv predicts grimmer trends for much of the country, it suggests that Nashville prices will drop another 4.3 percent in the next 12 months.
David Stiff, a chief economist with Fiserv, said "many temporary factors that were partly responsible for string spring and summer real estate markets, including the first-time homebuyer tax credit and Federal Reserve actions to drive down mortgage interest rates, will no longer be bolstering demand. Consequently, home prices will resume falling again before they stabilize in 2010."
Nationally, home prices dropped an average of 14 percent over a 12-month period ending June 30. The analysis expects prices to drop another 11 percent over the next 12-month period.
During the 3rd Quarter, 2009 (37027) 616 single family properties were on the Market List Price $769,836 Average Days on Market (DOM) 106
64 properties are pending. Average list price $678,632 Average Days on Market (DOM) 60
12,9902 properites closed Average list price $452,962 Average Selling Price $444,090 Days on Market (DOM): 72
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ZIP Code: 37027 Approximate Location Boundaries: Brentwood
Location Characteristics: Brentwood is a city full of history. Old Smyrna Road is the site of many original businesses including the general store, the gristmill and the post office. Many of the plantation homes have been bought and restored.
Today Brentwood is a thriving community growing steadily in both population, and amenities.
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These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
