Both of Kingsport’s Home Price Indexes were in positive territory for the third straight month in May and that has some local real estate market watchers privately saying “we’re off the bottom.”
According to CoreLogic’s All-Sales Price Index prices in the Kingsport-Bristol-Bristol Metropolitan Statistical Area increased 3.1 percent in May when compared to the May 2010 price. It was also higher than the April price.
The index that measures prices without stressed sales is even better news. It’s up 6.38 percent compared to the May 2010. That’s significant because it shows the negative price drag of foreclosures and short sales on non-stressed sales is beginning is ease.
Kingsport’s without stressed sales index has outperformed the national index for the past three months while the local all-sales index has outperformed the national index every month this year.
May’s CoreLogic HPIs is the fourth example of key local economic sectors outperforming the national economy for the month. They join local retail sales, job creation and the Northeast Tennessee Association of Realtors’ Trend Reports on existing home sales prices.
Read the expanded version of this report in this weekend’s print edition of the Times-News or its enhanced electronic edition.
Published July 1st, 2011 11:32 am
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