Tuesday, December 11, 2007

Nashville-area home prices rise as sales fall - Nashville, Tennessee - Tuesday, 12/11/07 - Tennessean.com

Nashville-area home prices rise as sales fall - Nashville, Tennessee - Tuesday, 12/11/07 - Tennessean.com:

By GETAHN WARD Staff Writer

"Buyers of Nashville-area homes in November paid a median price nearly 3 percent higher than a year earlier, a rebound from the previous month that observers said reflects the stability of the local market.

The median price of a single-family home — the point at which half sold for more and half for less — rose to $179,900 from $174,900 in November 2006, according to figures released on Monday by the Greater Nashville Association of Realtors.

The gain came despite a 21 percent decline in sales of residential properties and the 16th consecutive month of year-over-year weaker single-family home sales. Inventories of homes on the market also continued to increase.

'It's a pretty good indicator of strength of the market,' said Richard Exton of Manier & Exton, a local real estate appraisal firm. Exton, however, said the median price still could fall in coming months as increased competition leads some sellers to make concessions, although he said results could fluctuate depending on how many sellers pull homes off the market rather than take a lower price.

More than 22,300 properties were on the market at the end of November, up from 17,175 a year earlier."

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