Home sales up in October

GNAR reports 33% jump as residential real estate continues bounce back

Nashville-area home sales last month passed their total for all of 2011.

With 2,312 home closings in October, the year-to-date total for the area is now 21,752, besting last year's 12-month total of 20,624, according to the Greater Nashville Association of Realtors. October's sales were up 33 percent from the same month last year. The yearly number is pacing ahead of 2011 by 26 percent.

“Home sales for nine of the 10 months in 2012 have been up more than 20 percent compared to last year,” said GNAR President Kendra Cooke. “For the seventh month in a row, Middle Tennessee area closings are more than 2,000. What is especially encouraging is that the number of pending sales is also staying well above previous levels, meaning the pipeline of closings continues to flow. Closings are up in every category with the exception of multi-family homes.”

The median residential price for a single-family home during October was $175,100; for a condominium, $157,900. Those numbers compare to last year’s median residential and condominium prices of $162,000 and $139,515, respectively.