There were 2,214 home closings reported for the month of July, according to figures provided by the Greater Nashville Association of REALTORS®. This represents an 11 percent decrease from the 2,488 closings reported for the same period last year.
Year-to-date closings for the Greater Nashville area are 11,454. That is a decrease of 26 percent from the 15,485 closings reported through July 2008.
"There were more than 2,000 closings in July, which makes two consecutive months at that level. And, there are more than 2,000 sales pending for the third consecutive month, which creates a positive outlook for next month, as well," said GNAR president Mike Nichols. "Clearly, sales continue to decrease, but it is encouraging to see the rate of that decline improve so dramatically since the beginning of the year."
There were 2,147 sales pending at the end of July, compared with 2,394 pending sales at this time last year. The average number of days on the market for a single-family home was 87 days.
The median residential price for a single-family home during July was $171,100, and for a condominium it was $142,146. This compares with last year's median residential and condominium prices of $179,995 and $162,900, respectively.
Inventory at the end of July was 24,592, down from 25,023 in July 2008.
"Value is one of the most significant terms for potential home buyers right now. There is a good amount of inventory available, though slightly less than last year. And, prices are lower than a year ago," added Nichols. "It is important to be aware that interest rates have shown some upward trends recently and the $8,000 tax credit is scheduled to end soon. So, those who are considering the purchase of a home may want to consider acting before circumstances change and costs increase."