Home prices continue to increase across Tennessee

Home prices continued to climb across Tennessee in the second quarter, according to a report on the state’s housing market from the MTSU Business and Economic Research Center in the Jones College of Business. The report found home prices in the state edged up 0.7% over the first quarter, above the U.S. rate of 0.5%, and increased 3.7% year-over-year, compared to a national year-over-year increase of 3.9%.  Single-family housing permits declined across all regions of the state with Tennessee reporting a decrease in single-family permits of 2%. The greater Morristown area posted the strongest growth in home prices with a rise of 3% followed by the Johnson City area with a 2.7% increase, and the Clarksville area with a 2.1% increase.