Nashville unemployment rate posts big drop from 6.7% to 5.8%

Eric Snyder

Managing Editor-Nashville Business Journal

Davidson County's unemployment rate dropped to 5.8 percent in November, according to new data from the Tennessee Department of Labor and Workforce Development, down from 6.7 percent in October.

The new data shows that unemployment decreased in 93 counties in November, increased in one and remained flat in one.

Davidson County posted the eighth-lowest unemployment rate in the state in November, and the lowest of the state's major metropolitan areas. Williamson County posted the state's lowest unemployment rate, at 5 percent, down from 5.7 percent in October.

Around the region, Cheatham County's unemployment rate dropped to 5.5 percent, down from 6.3 percent in October; Maury County's rate dropped to 8 percent, down from 9 percent; Montgomery County's rate fell to 7.8 percent, down from 8.6 percent; Robert County's rate fell to 5.7 percent, down from 6.4 percent; Rutherford County's rate fell to 5.6 percent, down from 6.4 percent; and Wilson County's rate fell to 5.4 percent, down from 6.6 percent.

Tennessee's statewide unemployment rate for November was 8.1 percent, down from 8.5 percent in October. November's national unemployment rate was 7 percent, down from 7.3 percent.

http://www.bizjournals.com/nashville/blog/2013/12/nashville-unemployment-rate-posts-big.html?ana=twt via @nashvillebiz

In its housing outlook for 2014, Forbes has ranked the Nashville metropolitan statistical area as the fourth-best U.S. market in which to buy a home next year, noting a growing local economy and housing prices that are still under-valued despite a recent uptick.

http://www.forbes.com/sites/erincarlyle/2013/12/26/best-buy-cities-where-to-invest-in-2014/

U.S. growth revised higher, economy on firmer footing, GDP grew at 4.1%

(Reuters) - The U.S. economy grew at its fastest pace in almost two years in the third quarter, the government said on Friday as it revised its estimates of business and consumer spending higher.The broad revisions hinted at some underlying strength, which could help the economy better absorb the blow from an anticipated cutback in inventory accumulation this quarter.

The Federal Reserve on Wednesday gave the economy a vote of confidence, announcing it would reduce its $85 billion monthly bond purchases by $10 billion starting in January.

Gross domestic product grew at a 4.1 percent annual rate instead of the 3.6 percent pace reported earlier this month, the Commerce Department said in its third estimate.

That was the quickest pace since the fourth quarter of 2011 and an acceleration from the April-June quarter's a 2.5 percent.

Economists had expected third-quarter GDP growth would be unrevised at a 3.6 percent rate.
"This is a fairly solid report, said Ryan Sweet, senior economist at Moody's Analytics in West Chester, Pennsylvania, adding that the mix of factors in the report was more positive than expected.

http://reut.rs/19h8yuo via @reuters

The Greater Nashville Association of Realtors posted their month sales figures today (http://gnar.org/news/septhomesales).  Sales are up, inventories are down, and pricing is up compared to September 2012.  Pending sales were up compared to 9/2012.  This indicates that October sale will exceed 10/2012.  It is significant to note that the difference in the number of pending sales between 2012 and 2013 has been declining most months this year.  This it likely to translate in to a flat market as we head into 2014.

Here are the year to date sale through the end of the third quarter for the past 4 years:

Sales though 3rd quarter
2013	Res	20254
	Condo	2660
2012	Res	16489
	Condo	2216
2011	Res	13200
	Condo	1685
2010	Res	13532
	Condo	1943

GNAR does not report Median Price by Quarter.  This is a better indicator of overall market pricing trends as opposed to comparisons of month to month or month to the same month in the previous year.  This is due to the larger data sample available for a quarterly analysis.

An analysis of median price by quarter show significant price gains in comparison of year over year and prior quarter.  Basic economic theory is in play here.  Supply is down, demand is up, pricing is move forward.

Median Price by Quarter
2012	1st	Res	$162,050		2013	1st	Res	$169,900
		Condo	$139,900				Condo	$146,434
	2nd	Res	$175,000			2nd	Res	$195,500
		Condo	$153,500				Condo	$163,000
	3rd	Res	$177,000			3rd	Res	$198,000
		Condo	$149,900				Condo	$162,250
	4th	Res	$180,635
		Condo	$151,950

Manier and Exton Studies Updated

Current Manier and Exton Studies have been updated and posted to Exton.biz.

Sales Rates and Inventories for Selected Middle Tennessee Neighborhoods as of 7/8/2013

Average Sales Prices and Average List Price to Sales Price Ratio for Selected Middle Tennessee Neighborhoods as of 7/8/2013

Days on Market for Home Sales and Listings for Selected Middle Tennessee Neighborhoods as of 7/8/2013

Sales Rates and Inventory By Price Range for Homes over $700,000 in Middle Tennessee as of 7/8/2013

A good appraisal is good for all: Buyer, seller, agent on Brentwood Home Page

A good appraisal is good for all: Buyer, seller, agent on Brentwood Home Page

Forbes names Nashville 2nd best city for jobs.  http://www.forbes.com/pictures/edgl45fedm/no-2-nashville-davidson-murfreesboro-franklin-tn/