There were 3,872 closings reported for the month of July, according to figures provided by Greater Nashville Realtors. This represents an increase of 4.5 percent over this time last year.
Year-to-date closings total 23,365. That is a 5.5 percent increase compared to the 22,157 closings reported through July 2016.
“Median home price is up again compared to the same month last year. As supply and demand continue to be at odds, prices can be expected to continue to rise,” said Greater Nashville Realtors President Scott Troxel. “However, median price is down from last month.”
“It’s far too soon to tell if the drop in median price from June to July is evidence of a trend. It’s very likely there were proportionally more ‘starter’ homes sold in July than the number of starter homes sold in June. My experience is that different sectors of the market are more engaged and less-engaged at different times of the year.”
“Affordability is a serious issue, but it’s not the sole issue affecting our housing market,” said Troxel. “It’s imperative we as residents, Realtors, businesses and a community work together to find solutions for matters like transit and continue to support our education systems.
There were 3,887 properties under contract at the end of the month, compared to the 3,426 properties under contract at this time last year. The average number of days on the market for a single-family home was 25 days.