Home Sale and Home Prices up in Oct

At a time of year when home sales typically slow down, the number of houses that traded owners in October surged 22 percent over activity one year ago.

The Greater Nashville Association of Realtors reports that there were 3,015 closings in October, or 546 more than in October 2013.

The median purchase prices rose for single-family homes and also for condos. And there appear to be more increases coming: Last month ended with 2,730 sales pending, which is 14 percent more than the state of affairs at that time one year ago.

"Having two consecutive months of double-digit, year-over-year increases this late in the year is unexpected, yet welcome news," said Hagan Stone, president of GNAR and an agent at Pilkerton Realtors.

In October, the median single-family home sold for $205,900, which is 3 percent, or $5,900, more than in October 2013. The median is the point at which half of homes sold for less and half sold for more.

The median condo sale was for $165,000 — a jump of 11 percent, or $17,000, from where the median stood in October 2013.

 

Article by Adam Sichko

Article from Nashville Business Journal