Prices appear to be hovering around their high point. Look for a persistent down-shift in the Market Action Index before we seeprices deviate from these levels. The median list price in KNOXVILLE, TN this week is $189,500.
Home sales have been exceeding new inventory for several weeks. Percent of Properties with Price Decrease 40%. Since this is a Buyer's market, prices are not yet moving higher as excess inventory is consumed. However, as the supply and demand trends continue, the market moves into the Seller's zone, and we are likely to see upward pressure on pricing.
Interest Rates. Low Is the New Status QuoYes, the Federal Reserve is preparing to raise interest rates as soon as next spring. But even that won’t produce the interest-rate “normalization” that many assume to be on the way according to Michael J. Casey of The Wall Street Journal Money Beat. "superlow interest rates will be with us for a long time".
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