Housing Market Positive Trends Continue into Second Half of the Year

NASHVILLE, Tenn. (August 7, 2017) – There were 3,872 closings reported for the month of July, according to figures provided by Greater Nashville REALTORS®. This represents an increase of 4.5 percent over the 3,705 closings reported for July 2016.
         Year-to-date closings total 23,365. That is a 5.5 percent increase compared to the 22,157 closings reported through July 2016.
         “Median home price is up again compared to the same month last year. As supply and demand continue to be at odds, prices can be expected to continue to rise,” said Greater Nashville REALTORS® President Scott Troxel. “However, median price is down from last month.
         “It's far too soon to tell if the drop in median price from June to July is evidence of a trend. It's very likely there were proportionally more 'starter' homes sold in July than the number of starter homes sold in June. My experience is that different sectors of the market are more engaged and less-engaged at different times of the year."
          A comparison of sales by category for July is:

  July 2016 July 2017
CLOSINGS 3,705 3,872
 Residential 3,146 3,248
 Condominium 388 439
 Multi-Family 20 22
 Farm/Land/Lots 151 163

          There were 3,887 properties under contract at the end of the month, compared to the 3,426 properties under contract at this time last year. The average number of days on the market for a single-family home was 25 days.
         The median residential price for a single-family home during July was $288,243 and for a condominium it was $203,000. This compares with last year’s median residential and condominium prices of $267,000 and $189,986, respectively.
         Active inventory at the end of July was 9,151, down from 10,133 in 2016. The current inventory of properties by category, compared to last year, is:

  July 2016 July 2017
INVENTORY 10,133 9,151
 Residential 6,522 6,177
 Condominium 577 513
 Multi-Family 86 67
 Farms/Land/Lots 2,948 2,394

          “Affordability is a serious issue, but it’s not the sole issue affecting our housing market,” said Troxel. “It’s imperative we as residents, Realtors, businesses and a community work together to find solutions for matters like transit and continue to support our education systems.
          “Greater Nashville REALTORS® is actively participating in all of these areas, advocating for both the business and the homeowner side of the housing industry. These items impact our housing market and we all want Middle Tennessee to continue to be a place individuals, families and businesses want to call home.”