Industry News

Nashville real estate enjoys ‘balanced market’

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Home sales in the Nashville, Tenn., area were down in November from their year-earlier level but still posted their second-best sales rate for the month, the Greater Nashville Association of Realtors reported. Realtors recorded 2,867 home closings in November, down 3.9 percent from the 2,985 closings in November 2005. Total sales figures include single-family, condos, multifamily, farms, land and lots. Year-to-date sales at 36,947 are 4 percent higher than the same period in 2005, according to GNAR. The median price paid for a single-family home in November rose to $174,900 from $168,535 a year ago -- for a 3.8 percent increase. For condos, the median price jumped 16.7 percent during the period, rising from $137,000 to $159,900. Inventory at the end of November totaled 17,175 listings, down slightly from October but up 21.5 percent from the same month a year earlier when 14,134 listings were active on the market. The average number of days on the market for a single-family reside...