NASHVILLE HOME SALES DECREASE; PRICES RISE IN APRIL

HOME SALES DECREASE; PRICES RISE IN APRIL; CONDO SALES AND PRICES DOWN

There were 2,135 home closings reported for the month of April, according to figures provided by the Greater Nashville Association of Realtors®. This represents a decrease of 28.5 percent from the 2,989 closings reported for the same period last year.

Year-to-date closings are down compared to last year with 7,898. That is a 28 percent decrease compared to the 10,979 closings reported through April 2007.

"While home sales are down, the decrease is running on par with previous months. That means the Greater Nashville market is performing with some consistency, even in these time of change. That can work to the advantage of buyers and sellers because they can adapt to the changes, and with the help of a real estate professional, make educated decisions," said Mandy Wachtler, 2008 President of the Greater Nashville Association of Realtors. "At this time, Nashville area home sales are comparable to 2001, which is much better than some markets around the country which are experiencing home sales and prices comparable to what they had 15 or 20 years ago."

There were 2,342 sales pending at the end of April, compared with 3,339 sales that were pending at the same time last year. The median residential price during April was $180,000 and for a condominium it was $162,000. That compares with median residential and condominium prices at this time last year of $177,900 and $163,900 respectively. The average number of days on the market for a single-family residence was 80 days.

Inventory at the end of April was 24,670. That compares with an inventory of 20,129 at the end of April 2007.

http://www.gnar.org/mlsrelease.htm