At year-end, 2,032 sales were pending, up 9.4 percent from the same time last year, but down 7 percent from November 2013. That signals that January sales should be better than January 2013 sales numbers, said Richard Exton, an appraiser at Manier and Exton in Nashville.
Historically, January and February are the slowest sales months. But both closings and inventory increase going into the spring as more houses are put on the market.
The median price of a single-family home rose nearly 6 percent for December from a year ago to $198,838; it was up nearly 2 percent from November. Last year, prices continued to rise month-over-month reflecting the decline in inventory, Exton added.
Inventory of single-family homes declined nearly 10 percent from a year ago and 12 percent from November to 8,228. That’s a four-month supply, which is around the tipping point of the level where neither the buyer nor the seller has an advantage.
“It would be reasonable to expect some of the decrease in the inventory is due to owners taking their properties off the market for the holiday season and inventories are likely to rise moving forward, pushing the months of supply up,” Exton added.