A shade under 2,500 home sales closed in the Nashville area last month, down 25.7 percent from a year ago.
That drop is slightly lower than most months’ so far this year. Through the first seven months of 2008, Middle Tennessee home sales were off 27.7 percent to 15,485, according to numbers released by the Greater Nashville Association of Realtors.
The number of homes still on the market was just over 25,000 at the end of July, up from less than 22,000 a year ago. Based on July’s sales, that equates to about 10 months of supply.
The median price of a single-family home last month was $179,995, down 5.2 percent from mid-2007. The median condo price was $162,900, up almost 6 percent from last year.
GNAR President Mandy Wachtler said the recently signed Housing and Economic Recovery Act of 2008, which created a $7,500 tax credit for first-time homeowners, will help stimulate home sales later this year.
“While the Act will certainly be a positive factor to create more energy in the real estate market, the effects will likely take several months to see,” she said in a prepared statement.