GREATER NASHVILLE HOME SALES INCREASE AT MID-YEAR
Press Release by: Greater Nashville Association of REALTORS®, 070913
NASHVILLE, Tenn. (July 9, 2013) – There were 3,038 homes sold in the month of June, according to figures provided by the Greater Nashville Association of REALTORS®. That figure is up 23.8 percent compared to the 2,453 closings reported for June 2012.
Second-quarter numbers are up, with 8,879 closings reported, a 24.4 percent increase from the 7,139 closings reported through the second quarter of 2012. Year-to-date closings for the Greater Nashville area are up 23.8 percent with 14,859 compared to the 11,994 closings reported through mid-year 2012.
“June, second-quarter and year-to-date figures are all up more than 20 percent compared to the same periods last year,” said GNAR President Price Lechleiter. “The median price for a single-family residence is more than $200,000 for the first time ever. The previous high was $196,000 back in June of 2007. Seeing prices increase may encourage some people to consider selling, which would be helpful in light of the fact that inventory remains low. Quality properties are selling very quickly right now.”
“The positive trends in real estate activity should not be taken for granted. Interest rates have begun to increase, which is not surprising. But, there are questions about possible decisions by the Federal Government impacting the mortgage interest deduction, FHA, Fannie Mae and Freddie Mac. And, several key regulations from the Dodd-Frank legislation that negatively impact mortgage lending are scheduled to go into effect in January of 2014. We are closely monitoring what happens with these issues and working with legislators to best protect homeowners, commercial property owners and the health of the real estate industry as a whole.”
The median residential price for a single-family home during June was $205,950, and for a condominium it was $159,000. Last year’s median residential and condominium prices for June were $182,000 and $160,000, respectively.
There were 3,091 sales pending at the end of June, compared with 2,585 pending sales at this time last year. The average number of days on the market for a single-family home was 73 days.
Inventory at the end of June was 16,576, down from 19,136 in June 2012.
“Increasing sales during the summer season is typical, but the number of closings would likely be even higher if more quality inventory were available. There is currently only about a 4-month supply of single-family homes, not counting the fact that more than 3,000 of the available properties have contracts pending,” added Lechleiter. “Buyers are well-represented and know what they are looking for in their home searches. Potential sellers should remember that homes that are truly market-ready are moving well, but buyers are only interested in the properties that have been prepared and priced properly.”
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. REALTOR is a registered trademark that may be used only by real estate professionals who are members of the National Association of Realtors and subscribe to its strict code of ethics.
Source: Greater Nashville Association of REALTORS®, NAR Press Release July 9, 2013 | Blog, In The News, distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee