Nashville area home sales fall 21 percent in July

Home sales fell for the first time in 10 months in July, as the tax credits expired and fewer first-time homebuyers bought homes, the Greater Nashville Association of Realtors reported today.
Home sales fell 21 percent in July to 1,745 closings, driven downward by lagging sales of single-family homes and condos in the region.

However, the median price of a home in the Nashville area stayed about $180,000 – the second straight month when prices climbed back to what they were two years ago. The median price of a single-family home in July was $181,000, a 5.8 percent increase from last July, the association said. The median price of a condo was $149,900, also a nearly 6 percent increase from last year.

“The tax credit helped drive nine consecutive months of increased home sales,” said GNAR president Lucy Smith in a statement. “Until the overall economy strengthens and employment numbers increase, it is appropriate to expect some softness in the real estate market both nationally and regionally.”

Inventory of single-family homes climbed by 1.7 percent to 15,172 homes on the market in July.

Real Estate Outlook: 10 Percent Decline in Home StartsHome sales take unexpected dip