Home sales flat in April

GNAR says not to panic as market starts to slow

Area home sales were virtually unchanged in April compared to figures from the same month last year.

The Greater Nashville Association of Realtors reported 2,767 closings in the Nashville area for April, down 0.5 percent from the April 2013 mark. It marks the second consecutive month of declining year-over-year numbers.

“A second month of minor decrease is no cause for panic," GNAR President Hagan Stone said in a release. "It bears noting that April 2013 was up 27 percent over 2012, which is a large amount. Middle Tennessee is now settling into a more stable market, with growth that is healthy and maintainable."

The decline in numbers was found only in the sale of single-family homes as the other three sectors of the residential market — condos, multi-family buildings and land/lots — saw slight increases for the month.

Pending sales are down as well, off more than 6 percent from last year's number. Meanwhile, prices are holding their own. The median residential price for a single-family home during April was $204,905 and for a condominium it was $158,000. Last April, those figures were $185,000 and $163,800, respectively.

Inventory is on the rise — as to be expected with slowing sales. The 15,637 properties for sale is the highest since November and represents a five-and-a-half month supply, approaching the six-month figure that real estate agents say is an indicator of a healthy market.