Home sales get June bump

Big month gives Nashville a positive first half

After a few months of sluggish growth — or out-and-out decline — Nashville-area home sales had a big June.

The Greater Nashville Association of Realtors reported 3,324 sales in June, a 9.4 percent increase over the figure of the same month in 2013. That strong number resulted in a positive second quarter and first half of 2014 and after a slow spring, that's welcome news.

Home sales were up 3.3 percent over the second quarter of last year, and the first six months had 3.2 percent sales growth.

"The June, second-quarter and year-to-date figures are all up compared to the same periods last year," said GNAR President Hagan Stone. "Median prices are up nearly $20,000 over last year for single-family residential homes and condominiums. These price increases may encourage some people to sell, which would be helpful since inventory in the Greater Nashville areas remains low."

The median residential price for a single-family home during June was $222,000, and for a condominium, it was $171,250. Those numbers are up 7.8 percent and 7.7 percent, respectively, from a year ago.

Inventory-wise, there's a five-month supply, just shy of the six months real estate agents say defines a healthy market.