Nashville home sales hit two years of growth

July activity up nearly 22% from last year; big-dollar homes help lift median price

July marked the 24th consecutive month of growth in Nashville's residential real estate market, according to figures released Thursday.

The Greater Nashville Association of Realtors reported 3,151 closings in July, a 22 percent increase over the number from the same month last year. Year-to-date, sales are up almost 24 percent against 2012.

"The 22 percent increase in home sales during July is very good news. The fact that it is a continuation of the upward trend of the last 23 months is convincing evidence that this region is experiencing sustainable growth in the real estate market," said GNAR President Price Lechleiter. "The continuation of excellent visibility and positive economic news for Greater Nashville is attracting more people here, and seems to be building confidence in those already here, so there is more willingness to commit to the purchase of a home."

The average time-on-market was 70 days, the smallest number since October 2007.

The brisker activity has increased prices, as well. The median single-family home sold for $204,000 in July, compared to $181,250 for July 2012. That number comes with one caveat, however: No fewer than 39 homes sold for $1 million or more in July, the largest number of seven-figure sales in one month in several years.

Inventory across all sectors continues to tighten — just 18,868 homes, which represents a five-month supply.