Nashville Home Prices

Nashville Business Journal Monday, November 10, 2008

Home prices continued to show a year-over-year decline in October, falling 5.7 percent compared to the same time last year while condominium prices dropped 13 percent.
The median price for a single family home fell to $170,000 from $180,400 last year in October, according to the Greater Nashville Associaton of Realtors.
Home prices have been falling since June year-over-year. The median price was flat compared to September, when the median price was $169,900.
Condominum prices fell the most, down to $152,500 from $175,579 last year at the same time.
Overall, home sales dropped 30 percent to 1,748 sales in October compared to 2,487 last year.
“The number of closings for October are down at a rate consistent with recent trends. The same is true for the median price of a home,” said GNAR President Mandy Wachtler. “There seems to have been some hesitancy among buyers related to the election and financial crisis. Now that the election is done and some clear steps have been taken to address the financial situation it is possible that people will feel more comfortable moving forward with purchasing a home.”
Single family home sales are down 29 percent, while condo sales are off by nearly half with 202 sales this October compared to 398 sales last year.
Home inventory has been slightly dropping in the second half of the year, down from its peak in May of this year of 25,096 homes, condos and lots for sale. At the end of October, 24,043 properties were available on the market, which was up from 22,889 in October last year.