Home Price Index in Kingsport-Bristol area up 3.1 percent in May

Both of Kingsports 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 “were off the bottom.”

According to CoreLogics All-Sales Price Index prices in the Kingsport-Bristol-Bristol Metropolitan Statistical Area in creased 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. Its up 6.38 per cent compared to the May 2010. Thats significant because it shows the negative price drag of foreclosures and short sales on non-stressed sales is beginning is to ease.

Kingsports without stressed sales index has outperformed the national index for the past three months while the local all-sales index has outperformed the na tional index every month this year.

Mays CoreLogic HPI is the fourth example of key local eco nomic 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 the print edition or the enhanced electronic version of the Kingsport Times-News.