June Temperatures Bring Healthy Home Sales

NASHVILLE, Tenn. (July 9, 2018) – There were 4,036 home closings reported for the month of June, according to figures provided by Greater Nashville REALTORS®. This figure represents a 3.8 percent increase compared to the 3,887 closings in June 2017.  

“The market is heating up. With the rising temperatures, we are seeing homes sell in an average of 26 days and for a slightly higher selling price than in previous months," said Greater Nashville REALTORS® President Sher Powers. “We continue to see inventory increase, which is very exciting for buyers in the months ahead.”

Data for the second quarter of 2018 showed 11,222 closings, up .6 percent from the 11,155 closings during the second quarter of 2017.

A comparison of sales by category for June is:

   2017    2018
CLOSINGS    3,887    4,036
Residential    3,263    3,385
Condominiums    418    446
Multi-Family    18    27
Farm/Land/Lots     188    178

A comparison of sales by category for the Second Quarter:

   2017    2018
CLOSINGS    11,155    11,222
Residential    9,219    9,305
Condominium    1,234    1,270
Multi-Family    85    85
Farm/Land/Lots     626    562

A report for midyear is: 

   YTD 2017    YTD 2018
CLOSINGS    19,493    19,432
Residential    15,975    16,009
Condominium    2,230    2,167
Multi-Family    177    150
Farm/Land/Lot     1,111    1,106

There were 3,379 sales pending at the end of June, compared with 3,914 pending sales at this time last year. The average number of days on the market for a single-family home was 26 days. 

The median residential price for a single-family home during June was $314,900 and for a condominium it was $221,850. This compares with last year’s median residential and condominium prices of $293,753 and $199,350 respectively.

Inventory at the end of June was 11,087, a more than 25 percent increase from 8,842 in June 2017. 

The current inventory of properties by category, compared to last year, is:

   2017    2018
INVENTORY    8,842    11,087
Residential    5,842    7,820
Condominium    597    896
Multi-Family    62    124
Farm/Land/Lots     2,414    2,247

“Currently REALTORS® across the country are focused on the renewal of the National Flood Insurance Program (NFIP),” stated Powers. “If Congress doesn’t reauthorize the program, it will expire on July 31 denying necessary insurance coverage to homeowners and buyers in more than 20,000 communities nationwide. Middle Tennessee is all too familiar with what flooding can do to an area, and more flooding disasters without insurance will be another blow to a national market already struggling to provide housing for all those who want it.

We urge Congress to extend the NFIP and pass meaningful reforms to ensure the long-term viability of the program.”

Sources: https://www.gnar.org/news/june-temperatures-bring-healthy-home-sales


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