Nashville home sales increased again in November.
The Greater Nashville Association of Realtors today reported 2,198 home closings last month, up 38 percent from November 2011.
The year-to-date figure is 23,950 — up 27 percent from the first 11 months of 2011 — putting sales on pace to pass 25,000 for the year, a mark not achieved since 2007.
"November home sales show the largest year-over-year increase this year," GNAR President Kendra Cooke said in a release. "Closings are up in every category. The median price for single family homes is up significantly, though down slightly for condominiums. The fact that pending sales are also substantial means that the year should finish well."
The median residential price for a single-family home during November was $179,900, and for a condominium it was $152,000. This compares with last year’s median residential and condominium prices of $167,500 and $158,690, respectively.
Inventory is down to eight months supply, with only six months for single-family homes. That's the lowest figure since 2006.