Home sales in the Greater Nashville, Tenn., housing market gained 13 percent in May from the same month a year ago, according to data released by the Greater Nashville Association of Realtors.
There were 3,311 home closings reported in May, compared to the 2,921 closings reported for May 2003.
Year-to-date closings are 13,794. That total is up 19 percent from the 11,585 closings reported through the same period last year.
“This is confirmation that the Greater Nashville real estate market remains vigorous,” said Jay Lowenthal, president of GNAR. “Interest rates, while not as low as they have been, are still in a range that motivates people to consider purchasing a home.”
The average number of days on the market for a single-family home was 73 days, compared with 76 days for May 2003, the association reported.
The median residential price for a single-family home during May was $148,385, and for a condominium it was $129,900. This compares with last year’s median residential and condominium prices $142,000 and $123,613, respectively.
Inventory at the end of May was 15,374, down from the 17,092 reported in May 2003.
“Inventory is down approximately 10 percent from last year,” Lowenthal said. “Based on current sales and inventory levels, there is less than a five-month supply available right now. A six-month supply would be the general measure for a balanced market. However, there are still plenty of homes available for buyers to consider throughout the area and in the full range of prices.”
The Greater Nashville Association of Realtors is one of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville-area property owners.
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