October home sales for Nashville were up 22% this year according to the Greater Nashville Association of Realtors. There were 3,015 home closings reported for the month, up from the 2,469 reported this time last year. Year-to-date closings have also increased, going up 6.8%.
GNAR President Hagan Stone says, “October and year-to-date figures are all up compared to the same periods last year. Given the state of our current market, the number of sales pending and the two months that remain in the year, exceeding last year’s total closings seems within reach. This time of year, we typically see the number of closings begin to decline. Having two consecutive months of double-digit, year-over-year increases this late in the year is unexpected, yet welcome news. Continued improvement in job growth combined with continued warmer weather is keeping buyers in the market.”
The median residential price for a single-family home during October was $205,900 and for a condominium it was $165,000. Inventory at the end of October was 15,051, compared to 15,957 in October 2013.