According the the Greater Nashville Association of Realtors (GNAR), Nashville area home sales were down in the month of June, making it the fifth consecutive month with decreasing home sales. GNAR recently reported that 2,031 homes were sold in Nashville last month, a 16 percent drop from the 2,416 closings in June 2010. The drop off seems to be concerning more people, and is steeper than the month of May, which had a decrease of 14.3 percent.
Alice Walker, President of GNAR shared with the Nashville Business Journal, “Current home sales data for Greater Nashville and Middle Tennessee continue to reflect the challenges affecting the overall economy….The tax credits in place last year continue to make it difficult to accurately compare numbers. But, it is encouraging to see that both closings and pendings remain consistent. While prices will change from month to month, the range of fluctuation is within a range that would also indicate general stability – much more than is being experienced in other parts of the country.” The median price for a single family home in June also was down to $176,300 compared to $181,312 a year ago this month. To look more on the bright side, there were 2,130 sales pending at the end of June this year than the 1,976 pending sales a year ago. With pending home sales on the rise, there are hopes in slowly turning things around (source) (picture).