June home sales match yearly pace, median price sets record

Houses keep moving, prices keep climbing, supply keeps slipping

There was no early-summer swoon. Not even close.

Nashville-area home sales in June matched the yearly pace and the median price reached a new benchmark. The Greater Nashville Association of Realtors reported 3,038 closings in June, up 24 percent from the year before. Through the first six months of the year, 14,859 homes area sold, compared to the 11,994 in 2012 — also an increase of 23.8 percent.

The median price for a single-family home was $205,000, the first time ever that figure has been more than $200,000. That number is up 9 percent from December's and 13 percent from a year ago.

"June, second-quarter and year-to-date figures are all up more than 20 percent compared to the same periods last year," said GNAR President Price Lechleiter. "The previous high [median sale price] was $196,000 back in June of 2007. Seeing prices increase may encourage some people to consider selling, which would be helpful in light of the fact that inventory remains low. Quality properties are selling very quickly right now."

There are 16,576 homes on the market. With 3,000 having pending contracts, the Nashville area has a four-month inventory. The average time-on-market for a home sold in June was 73 days, the same as in May.