Home sales inch up in May

Slight increase ends two-month run in red

After two months of decreases, Nashville-area home sales were up slightly in May versus the same month in 2013.

The Greater Nashville Association of Realtors reported 3,079 sales in May, a 0.6 percent increase compared to May 2013 figures, a virtual mirror image of the 0.5 percent decrease in sales in April. Year-to-date, sales are up 1.6 percent against the first five months of 2013.

"Median home prices for both single-family homes and condominiums have increased while remaining affordable, and there are more than 3,000 sales currently pending," said GNAR President Hagan Stone. "Combined, these numbers are a sign that our market is stabilizing. This is welcome news.    

"In both 2012 and 2013 our region witnessed vast gains in home sales," he added. "Continuing that trend is not sustainable. It is more important to have a stable market, whether we’re up or down by a small percentage."

The median residential price in May was $209,900 for a single-family home and $174,000 for a condominium. This compares with last year’s median residential and condominium prices of $195,000 and $166,900, respectively.

Inventory is down slightly across all sectors of the market from May 2013, but single-family inventory is virtually identical.