No bounce yet: Home sale still off by a quarter, prices slipping

Tuesday, August 12, 2008 at 1:13am
Mandy Wachtler

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.

Filed under: City Business
By: frank brown on 12/31/69 at 7:00

It was good that an article of "truth" has been written to offset the "falsetto" quips of Richard Courtney.

By: EllenFandins on 12/31/69 at 7:00

Richard Courtney has fueled the fire of the real estate market on the way up, and as protested so loudly about the market on the way down - he has lost all credibility (if ever he had any). The Nashville market may be a little better than most of the country (a lot better than Vegas or Miami!) but it is still in very rough shape. The only reason the drop this month over the same month a year ago was less of a percentage is because last year the market had ALREADY SLOWED!!! This news reflects what we all already know...the market is terrible, and getting worse. Richard Courtney and the other standing on the deck of the Titanic shouting 'it is fine!!' need to go back to selling used 4 wheelers at the local Honda Dealership.

By: Kosh III on 12/31/69 at 7:00

Who is Courtney and why is he under discussion here?