But single-family home sales stayed flat compared to January a year ago, and land sales didn't show much improvement, either, as homebuilders continued to pick up scattered lots here and there for deeply discounted prices.
Overall, prices for a single-family home continued to stay below comparable values from a year ago, the Realtors data showed Tuesday. The median price for a single-family home sold in January was $159,000, down 3.8 percent from a year ago.
Prices have been held down by foreclosure sales and by a flood of first-time home buyers taking advantage of an $8,000 federal tax credit, and those home buyers tend to go after moderately priced homes, according to real estate agents.
The median price for a condo was $154,550 in January, down from $165,000 a year ago.
"People are wanting smaller houses, but they want lots of good stuff in there, like an outdoor fireplace, granite, gas lights outside,'' said Reggie Garner, the vice president of community development for Stone Gate Land Co., which is redesigning its Arrington Retreat subdivision off Nolensville Pike in Williamson County to accommodate lower-priced homes.
The 229-lot subdivision was originally planned for $500,000 to $700,000 homes.
Now, it likely will have $299,000 to $400,000 homes, Garner said.
"There are a lot of lots on the high end that aren't moving,'' he said.
It's not only home buyers interested in lower prices. So are the homebuilders.
Pulte Homes, one of the largest builders in the Nashville area, bought an unfinished subdivision in Brentwood out of foreclosure for $6.2 million in January, one third less than the previous developers had paid in 2005.
Pulte plans to build 140 lots in the subdivision, which is called Whetstone. Homes are to be priced at about $400,000, much less than the $1 million or so initially envisioned for the subdivision.
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