Fewer sales and higher prices defined the Nashville, Tenn., housing market in November compared to the same month last year, the Greater Nashville Association of Realtors reported.
According to statistics, there were 2,867 home closings reported last month, down 3.9 percent from the record 2,985 closings reported in November 2005. Total sales figures include single-family, condos, multifamily, farms, land and lots.
Year-to-date closings through November, however, totaled 36,947, a 4 percent increase from 2005 when 35,512 closings were reported through November of that year.
The median residential price for a single-family home during November was $174,900, down from $183,400 in October, but up 3.8 percent from $168,535 a year ago. For condos, last month’s median price of $159,900 fell from $171,900 in October but was up 16.7 percent from the year-ago median of $137,000.
The average number of days on the market for a single-family home held at 61 days, unchanged from both the previous month and year-ago levels.
Inventory at the end of November totaled 17,175 listings, which is down slightly from 17,385 in October but up 25.2 percent from 13,718 in November 2005.
“The current inventory level indicates that there is a good supply of choices available to home buyers,” said GNAR President Christie Wilson. “Based on the number of closings during November, we have a supply of about six months, which indicates a balanced market for both buyers and sellers.”