Home sales in the Greater Nashville, Tenn., housing market rose 8.6 percent in August from the same month a year ago, according to data released by the Greater Nashville Association of Realtors.
There were 3,558 home closings reported for the month of August, compared to 3,275 closings reported for the same month last year.
In comparing year-to-date closings for the Greater Nashville area, there were 24,604 closings in 2004. That’s up 17 percent from the 20,909 closings reported through August of last year, and 2003 was the best year for home sales on record.
“The number of home sales in Greater Nashville this year is truly remarkable. To be up 17 percent over what was a record year is a strong statement about the attractiveness of this area,” said Jay Lowenthal, president of GNAR. “This trend validates the business, economic, legislative, social and quality of life environment represented in Middle Tennessee, not just the price of a home. Protecting and building on the strong character and reputation of this region is key to our future success.”
The average number of days on the market for a single-family home was 66 days, down one week from 73 days for August 2003.
The median residential price for a single-family home during August was $145,500, and for a condominium it was $125,000. This compares with last year’s median residential and condominium prices of $145,900 and $122,500, respectively.
Inventory at the end of August was 14,987, down considerably from 16,298 in August 2003, the association reported.
“The fact that inventory is down is attributed to the sheer volume of home sales that we’re experiencing in sales at this time,” Lowenthal said. “Based on the level of closings for August, there is about a four- to five-month supply of homes available, so there are still plenty of choices for those currently considering purchase of a home.”
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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