Home sales in the Greater Nashville, Tenn., area hit a record high in June, as prices continued to rise in the face of surging inventory, the Greater Nashville Association of Realtors reported Monday.
There were 4,060 home sales in June, up 6 percent from the 3,845 closings reported for June 2005. Total sales figures include single-family, condos, multifamily, farms, land and lots.
Year-to-date closings for the Greater Nashville area are at 19,273, the association reported, up 6.3 percent from the 18,131 closings reported through the same period last year.
“June is one of the strongest months for home sales every year,” said GNAR President Christie Wilson. “This year is certainly consistent with that trend…with closings exceeding the 4,000 mark for the first time ever in one month. This is unquestionable evidence that the real estate market in this region remains both healthy and balanced.”
The median residential price for a single-family home during June was $181,000, up 9.5 percent from the year-ago price of $165,300. For condos, the median price hit $149,900, up 12.8 percent from the $132,900 median posted in June 2005.
The average number of days on the market for a single-family home was 56 days, compared with 66 days for June 2005.
Inventory at the end of June was 15,789, up from 13,808 reported in June 2005. Based on the current level of sales activity, there is approximately a four-month supply of homes for sale on the market, Wilson said.
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.