The Greater Nashville Association of Realtors released the August 2008 homes sales figures today. Single Family home sales were down 32.3% with median single family home prices dropping 6.4%.
As I indicated last month the inventory of homes has stabilized, and in fact dropped from 15,844 in July to 15,636 which is the lowest it has been since March. We will need to see a continuation of the declining inventory coupled with increase in sales to bring the market back in to balance. The decline in inventory is a good start.