Despite falling slightly from June, home sales in the Greater Nashville, Tenn., area hit a record high for the month of July, the Greater Nashville Association of Realtors reported Wednesday.
Realtors recorded 3,976 home sales in July, up 4.1 percent from 3,819 sales in July 2005 but down from 4,060 sales in June, according to GNAR. Total sales figures include single-family, condos, multifamily, farms, land and lots.
Year-to-date closings for the Greater Nashville area are at 23,249, the association reported, up 5.9 percent from the 21,950 closings reported through July 2005.
“Home sales in the Greater Nashville area have again exceeded a record with almost 4,000 closings in July,” said GNAR President Christie Wilson. “…While it is impossible to set records every month, it is clear that Greater Nashville is quite capable of sustaining this new level of home sales activity.”
Inventory at the end of July was 16,170, up from 13,991 a year ago. Based on the current level of sales activity, there is approximately a four-month supply of homes for sale on the market, Wilson said.
“Inventory has increased considerably compared to this time last year, and that is good news for anyone looking to buy a home right now,” Wilson said. “As the number of homes sold continues to rise, it appears that the inventory is keeping up with demand….”
Inventory levels began to impact prices in July, as the median residential price for a single-family home dipped to $180,300, down from $181,000 in June; the median was up 8.3 percent, however, from the year-ago price of $166,400.
For condos, the median price registered $139,800 last month, down 6.7 percent from $149,900 in June but up 1 percent from the $138,350 median posted in July 2005.
The average number of days on the market for a single-family home was 56 days, down from 61 days in July 2005 but unchanged from the previous month.
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.