Middle Tennessee Home Sales Gain in June Amid Tight Inventory

NASHVILLE, Tenn. (July 7, 2016) – There were 3,869 homes sold in the month of June, according to figures provided by the Greater Nashville Association of REALTORS®. That figure is up 1.7 percent compared to the 3,804 closings reported for June 2015. 
      Second-quarter numbers are also up, with 10,851 closings reported, a 5.3 percent increase from the 10,302 closings reported through the second quarter of 2015. Year-to-date closings for Greater Nashville are up 7.2 percent with 18,452 closings compared to the 17,206 closings reported through midyear 2015.
     “Home sales in Middle Tennessee continue to make headlines not only locally, but nationally,” said GNAR President Denise Creswell. “It was exciting to see the most recent news from Freddie Mac that Nashville is the nation’s strongest housing market.
    “Freddie Mac points to the areas payment-to-income ratios, job growth, on-time mortgage payments and purchase applications as reasons for the top ranking.” 
    A comparison of sales by category for the month of June is:

  June 2015 June 2016
CLOSINGS 3,804 3,869
 Residential 3,177 3,188
 Condominium 425 470
 Multi-Family 23 33
 Farms/Land/Lots 179 178

     A comparison of sales by category for the second quarter is:

  Q2 2015 Q2 2016
CLOSINGS 10,302 10,851
 Residential 8,524 8,948
 Condominium 1,165 1,238
 Multi-Family 66 74
 Farms/Land/Lots 547 591

     A comparison of year-to-date sales by category for midyear is:

  YTD 2015 YTD 2016
CLOSINGS 17,206 18,452
 Residential 14,123 15,244
 Condominum 1,964 2,069
 Multi-Family 124 143
 Farms 995 996

     The median residential price for a single-family home during June was $260,148, and for a condominium it was $186,495. Last year’s median residential and condominium prices for June were $240,000 and $172,500, respectively. 
     There were 3,876 sales pending at the end of June, compared with 3,853 pending sales at this time last year. The average number of days on the market for a single-family home was 54 days.
     Inventory at the end of June was 12,358, down from 13,823 in June 2015. The current inventory of properties by category, compared to last year, is:

  June 2015 June 2016
INVENTORY 13,823 12,358
 Residential 9,179 8,474
 Condominium 972 804
 Multi-Family 126 108
 Farms/Land/Lots 3,546 2,972

     “Interest rates continue to hover at all-time lows making it an excellent time to purchase a home,” said Creswell. “And with solid median prices, potential sellers have a good opportunity to make a move as the inventory is needed to maintain a healthy market.”

     The Greater Nashville Association of REALTORS® is one of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville-area property owners. REALTOR® is a registered trademark that may be used only by real estate professionals who are members of the National Association of Realtors® and subscribe to its strict code of ethics.