Home sales numbers continue uptrend

Home sales numbers continue uptrend
July year-over-year drop smallest in two years; prices off 5 percent
Email | Print By Kyle Swenson



08-10-2009

As with many economic indicators these days, things are no longer as awful as they once were.

Last month, the Nashville area again saw over 2,000 home closings, according to figures released today by the Greater Nashville Association of Realtors. July saw 2,214 home closings — an 11 percent drop from last July's numbers and a decrease that's less than half May's year-over-year drop and the smallest such drop since August of 2007.


The latest postings bring the year-to-date closings for the Nashville area to 11,454, a drop of 26 percent from last year at this time.

There were 2,147 home sales pending at the end of July and the average number of days on the market for a single-family home is 87. The medium home value is $171,100, down from $179,995. The average condominium value is $142,146, down from $162,900.

The area inventory was 24,592, a dip from 25,023 in 2008.

“There is a good amount of inventory available, though slightly less than last year,” said GNAR President Mike Nichols in a release. “Interest rates have shown some upward trends recently and the $8,000 tax credit is scheduled to end soon. So, those who are considering the purchase of a home may want to consider acting before circumstances change and costs increase.”