Home sales stable in July

Flat month follows gangbusters start to summer

After a big surge in June, home sales flattened in July.

There were 3,258 closings in July, up 3.4 percent from the same month in 2013. Another flat month makes June's big bump — a 9.4 percent increase over June 2013 — look more like a blip then a trend. Still, a flattish July was not unexpected after the June explosion. Year-to-date, closings are up a shade over 3 percent, largely because of that strong early-summer number.

"The small increments of growth we have experienced over the last few months are maintainable and promotes a stable market. With several months of positive trends behind us, we hope solid sales continue into the fall," said Hagan Stone, president of the Greater Nashville Association of Realtors.

There were 3,201 pending sales at the end of July, an increase of around 200 from the same month last year. The average number of days on the market for a single-family home is 64 days.

The median residential price for a single-family home during July was $221,000 and for a condominium it was $170,000. This compares with last year’s median residential and condo prices of $204,000 and $154,500, respectively.

Inventory at the end of July was 15,919, down from 16,651 in July 2013. The 10,434 single-family homes represents a four-month supply. Real estate agents prefer a market with a six-month supply.