Monday, March 10, 2008

HOME SALES DECREASE IN FEBRUARY

Greater Nashville Association of Realtors - "There were 1,892 home closings reported for February, which is a decrease of 26.5 percent from the 2,575 closings reported for the same period last year. The number of pending sales is 2,183, which is the first time since last October that there have been more than 2,000 pending sales. The median price for single-family homes remained stable, while the median price for condominiums decreased by 5 percent. Click here for a copy of the news release with additional details on home sales for February. And, you can click here for more information on history and trends of home sales in recent years."

The number of pending sale on 2008 compared to 2007 is down 24%. This is an indicator that March sales should continue the trend of be down year over year. Median single family prices sliped $1,900 or 1.1%. I believe that this is the first decline in at least the past five years. Inventory is up 26%.
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