August home sales up 27%

Area enjoys four straight months of 2,400-plus closings

The Nashville area saw 2,606 home closings in August, a 27.3 percent increase from the 2,047 closings reported for the same month last year, according to figures the Greater Nashville Association of Realtors released today.

Year-to-date closings for the Nashville area have increased 25.4 percent. To date, there are 17,174 closings, compared with 13,699 closings reported through August 2011. 

“The August home sales numbers indicate that the Greater Nashville real estate market is demonstrating an important characteristic — sustainability,” GNAR President Kendra Cooke said in a release. “There have been four consecutive months with closings above 2,400 – the first occurrence since 2007. This is encouraging evidence these positive trends could continue in the coming months.”

There were 2,572 sales pending at the end of August, compared with 2,055 pending sales at this time last year. The average number of days on the market for a single-family home was 81 days.

The median residential price for a single-family home during August was $175,000; for a condominium, $147,634. This compares with last year’s median residential and condominium prices of $171,900 and $152,000, respectively.

Inventory at the end of August was 18,223, down from 21,362 in August 2011.