Home sales stay on the up, inventory tightens

April sales up 27% over 2012, median single-home price spikes

Home sales in the Nashville area in April were up 27 percent from the same month last year.

There were 2,780 home closings reported for the month of April, according to the Greater Nashville Association of Realtors. Year-to-date closings are now up 24 percent against the same period in 2012.

“The housing market in greater Nashville is clearly active and the recovery is continuing,” said GNAR President Price Lechleiter. “It is encouraging to see consistency and growth in the number of closings each month. And, it is worth noting that the last time there were more than 2,700 closings in a month was August 2007 with 3,359."

Inventory is at 16,696 — a six-month supply — and remains the "key short-term issue," according to Lechleiter.

The median residential price for a single-family home during April was $185,000 — up from $169,000 last month — and for a condominium it was $163,800. This compares with last year’s median residential and condominium prices of $165,120 and $141,190, respectively.