Industry News

Nashville real estate prices advance

Rising inventory may halt double-digit gains

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Home prices in the Greater Nashville, Tenn., area rose strongly in November for the second consecutive month, as home sales also picked up pace, according to figures provided by the Greater Nashville Association of Realtors. The median residential price for a single-family home during November was $168,535, up 13.5 percent from $148,500 a year ago. The median price for a condominium last month was $137,000, up 15.2 percent from $118,943 in November 2004. There were 2,985 home closings reported for the month of November, up 8 percent from the 2,762 closings reported for the same period last year, the association reported. Year-to-date closings through November are 35,512, a 5.7 percent increase from the 33,584 closings reported through November 2004. "In the midst of shopping season, it appears that homes are on the 'wish lists' of many people in Greater Nashville," said GNAR President Richard Exton. "The number of sales pending at this point makes it a virtual certainty that the Grea...