October 15, 2007

September Home sales in Nashville decline but prices continue to go up!

Home sales were down 25 percent in September from the same period last year, the Greater Nashville Association of Realtors says.
The sharp drop was balanced by news about home prices, which continue to go up.
The median price for a single-family home was $182,291, rising 2 percent from a year ago. Condos climbed 5.6 percent to $162,500.
There were 2,587 home closings in September, compared with 3,455 closings reported for the same period last year.
Closings in the third quarter fell to 9,295, 17 percent lower than last year's third quarter closings of 11,203.
Year-to-date closings for Middle Tennessee are 27,365. That's down 11 percent from the 30,749 closings reported through the third quarter of 2006.
The average number of days on the market for a single-family home was 67 days, compared with 57 days for September 2006.
Inventory at the end of September was 22,821, up from 17,316 in September 2006.

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