Just as the sun rises and day turns to night, the news is the same for Nashville-area home sales.
The Greater Nashville Association of Realtors reported that sales were down again last month, continuing a monthly trend that is now well into its second year.
Last month, there were 2,487 closings, down 29.7 percent from October 2007. Year-to-date sales are down 27.7 percent. Condominium sales for the year have dropped from 1,929 to 1,458.
Median prices have declined as well, dropping almost 6 percent to $170,000 from $180,400 for single-family homes. For condos, the median has fallen from $175,579 to $152,500.
Nashville's housing market is experiencing what most cities have since the summer of 2007. Realtors now are trying to take steps to reverse the trend by lobbying Congress for changes that would assist first-time homebuyers.
The tax credit approved several months ago to stimulate the housing market got lost when the financial markets worsened and the federal government shifted to bailouts. Another recent change was the Federal Home Administration's elimination of seller-assist down payments, said Mandy Wachtler, GNAR’s president.
Few in the industry had the time to figure out exactly how the tax credit worked in order to educate potential home buyers. That credit allows buyers to essentially borrow money from the government, although they still have to have the money on the front end to credit on their income tax forms.
Wachtler said Realtors now will push for altering the credit, shifting to creating a way for buyers to get help with money at closing.
- ALEX B FRUIN INHERITANCE TRUST; CANDACE F STEFANSIC INHERITANCE TRUST; CANDANCE F STEFANSIC INHERITANCE TRUST; FRUIN, ALEX B TRUSTEE; FRUIN ALEX B INHERITANCE TRUST; STEFANSIC, CANDACE F TRUSTEE; STEFANSIC CANDACE F INHERITANCE TRUST; STEFANSIC CANDANCE F INHERITANCE TRUST
- ROSS, BRIDGETT D
- COOKE, ETHEN LANYARD TRUSTEE; COOKE, ETHEN LEWIS ESTATE
- JACOBS, JESSICA ALEXANDRA; JACOBS, ERIKA BESS