Big news: the month of July marked the first home sales increase in 2011. According to the Greater Nashville Association of Realtors, there were 2,021 home closings reported for the month of July. This figure represents a 15.8% percent increase from the 1,745 closings reported for the same period last year. Year to date closings for the Nashville area are 11,652, a 8.7% decrease from the 12,768 closings reported through July 2010.
GNAR President Alice Walker commented, “The July homes sales increase reflects what we’ve been saying during the past 6 months – the market is steadily recovering…Due to the first-time and existing home-buyer tax credits last year, the comparisons this year have been distorted. Even though tax credits had some residual impact through September, it was this time last year that the majority of the tax credit activity ended. Now we are beginning to see a more equitable comparison, which is very favorable for July.” At the end of this July, there were 1,997 sales pending, compared to 1,667 pending sales at this time last year. The average number of days on the market for a single-family home was 92 days and the median residential price for a single-family home during July was $179,900. For a condominium, the median price was $158,000. This compares with last year’s median residential and condominium prices of $181,000 and $149,900, showing a slight decrease in home prices and a more drastic increase in condominium prices. “With interest rates still at record lows for now, it remains a great time to become a homeowner in Greater Nashville. Even with circumstances favoring those who are in a position to buy a home, the real estate market is still very complex,” said Alice Waker. To read the full report, click here (picture).
