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Study: Tennessee housing prices rising, permits dip slightly

A worker walks on the rooftop terrace of a new apartment building at 728 Market Street on Thursday, Sept. 7, 2017, in Chattanooga, Tenn. The nearly-completed building will house 125 residential units.
A worker walks on the rooftop terrace of a new apartment building at 728 Market Street on Thursday, Sept. 7, 2017, in Chattanooga, Tenn. The nearly-completed building will house 125 residential units. A worker walks on the rooftop terrace of a new apartment building at 728 Market Street on Thursday, Sept. 7, 2017, in Chattanooga, Tenn. The nearly-completed building will house 125 residential units.

By Associated Press 1 min read

MURFREESBORO, Tenn. (AP) — A housing market report says prices keep rising across Tennessee’s metro areas, while construction permits are slightly down year over year.

A Middle Tennessee State University news release says the quarterly report shows promising mixed signals.

It found home prices were up 6.4% statewide from a year ago, with the biggest metro statistical area increases being 9.5% in Kingsport-Bristol and 8.7% in Cleveland.

The report’s author, MTSU Business and Economic Research Center Director Murat Arik, said the housing market isn’t as vibrant as last year and said rental vacancy rate is at its highest since the first quarter of 2013.

The report funded by the Tennessee Housing Development Agency says construction permits were down 2.4% from a year ago, a 0.6% drop for single-family and 6.8% fall for multifamily permits.