Home sales growth 'stable' in February

Pending sales slip as closings tick up only slightly

The Nashville area saw 1,857 home closings in February, an increase of 4 percent compare to the 1,784 closings reported in February 2013, according to the Greater Nashville Association of  Realtors.

Year-to-date closings through February are 3,636, a 6.4 percent increase from the 3,418 closings reported through February 2013.

The median residential price for a single-family home in February was $189,000, with condominiums getting $165,000 on average for the month. These figures compare with single-family home and condominium prices of $175,000 and $138,473, respectively, at this time last year.

The GNAR numbers show there were 2,221 sales pending at the end of the month, compared with 2,269 pending sales at this time last year.

The average number of days on the market for a single-family home was 78 days.

Inventory at the end of February was 14,129, down from 15,651 in February 2013.

“The home sales data for February indicates the market is remaining stable, both in growth and in sales price compared to last year,” GNAR President Hagan Stone (pictured) said in a release. “As the weather turns warmer and we enter the official spring buying and selling season, we hope to see the same sustainability we’ve experienced over the past few months.