March home sales down 28%, prices up 3%
Nashville Business Journal, April 10, 2008
Nashville area home sales dropped 28.7 percent in March, but prices rose 3 percent, creating a bright spot for local Realtors.
Total home closings are down to 2,227 from 3,126 in March 2007.
Inventory has been rising each month in 2008, from 21,952 in January to 22,473 in February to 23,730 in March. The number of homes on the market is up from 19,091 in March of last year.
Prices for single family homes increased 3 percent to $178,388 from $173,388. The median price for condominiums increased 4.6 percent to $160,573 from $153,400.
"The number of closings is down significantly compared to last year, but the fact that home prices are rising is a good sign that the Greater Nashville market remains stable even in this time of market transition," says GNAR President Mandy Wachtler in a news
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