MID-YEAR CLOSINGS REMAIN CONSISTENT; CONDOMINIUM MARKET SETS NEW PRICE RECORD
According to the Greater Nashville Association of Realtors (GNAR):
There were 2,591 homes sold in the month of June, which is down 27.8% compared to the 3,588 closings reported for June of 2007.
Second-quarter closings are also down, with 7,234 sales reported. that is a 28.2% decrease compared to the second quarter of 2007.
Year-to-date closings are also down 28%, with 12,997 sales reported so far in 2008, compared with 18,070 reported through mid-year 2007.
The median price for a single-family home during June was $183,615 and for a condominium is was $185,500. This marks the first time that the median price of a condo exceeded that of a single-family home. Last year’s median prices for June were $196,000 for single-family and $155,800 for condominiums.
Inventory is now 24,935, compared with 21,236 at the end of June in 2007. There were 2,684 sales pending at the end of June and single-family homes were on the market for an average of 76 days.
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