Quotes from the GNAR President:
“Today’s Metro Nashville elections are critical for maintaining our healthy market. Managing Nashville’s growth is a high priority with a direct impact on our housing industry. These new leaders will have a big responsibility in finding solutions on issues that affect current and future citizens, like transit and affordable housing.”
Sales by Category for July
Days on Market is Down
Pending homes sales are also up from this time last year. Last July there were 3,708 sales pending sales compared with 3,201 pending sales at this time last year. A good sign that properties are moving quickly is that the average number of days on the market for single-family homes was down to 57 days compared to last year’s 64.
Home Values Down Slightly
The median home values in July for single family homes and condos was $234,900 and $161,500 respectively. This was an increase for single-family homes, which last July saw an average of $221,000, but condos were down from $170,000 a year ago. Also, median values for single-family homes in June were about $5,000 higher than July, which could signal that the market prices are starting to level out from their ferocious pace this year.
As has been the case all year, home inventory continues to be an issue. Inventory at the end of July was 13,728, which was down from 15,919 in July 2014. Below is the current inventory of properties by category vs last year:
Inventory by Category
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