Industry News

Inventory takes toll on Nashville home sales

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Home sales in the Greater Nashville, Tenn., area dropped in August from their year-earlier level, while prices grew by double digits, the Greater Nashville Association of Realtors reported Monday. Realtors recorded 3,772 home sales in August, down 3.5 percent from 3,909 sales a year ago, and down from July's total of 3,976. Total sales figures include single-family, condos, multifamily, farms, land and lots. Year-to-date closings for the Greater Nashville area this year totaled 27,021, approximately 4.5 percent ahead of the 25,854 closings reported through August of last year, GNAR reported. The median residential price for a single-family home during August was $184,000, up 12.2 percent from a year earlier when the median was $164,000, and up from $180,300 in July. For condos, the median price registered $140,000 last month, up 5.3 percent from $132,900 a year ago, and up from $139,800 posted in July. Inventory at the end of August was 16,670, up from 13,857 in August 2005 and up fro...