Nashville home sales continued to grow in July, rising by 3.4 percent compared to a year ago.
The Greater Nashville Association of Realtors said there were 3,258 homes sold in the Nashville area in July, up from 3,151 a year prior.
“The small increments of growth we have experienced over the last few months are maintainable and promotes a stable market," Hagan Stone, GNAR president, said in a news release.
"The continuation of excellent visibility and positive economic news for Greater Nashville is attracting more people to the area, and seems to be building confidence in those already living here," he said.
Year to date, home closings are up by 3.2 percent compared to 2013, with 18,594 homes sold through July.
Single-family homes sold for an average of $221,000 in July, up from $204,000 a year ago. Condo units sold for an average of $170,000, up from $154,500.
Single-family homes sold in July had been on the market for an average of 64 days.
The area's inventory of homes, condos and lots stood at 15,919 at the end of July, down from 16,651 a year ago.
There were 3,201 sales pending at the end of the month, up from 3,083 a year ago, indicating that August should see another slight increase in home sales.
Article from Nashville Business Journal
Written by Ed Snyder