Residential sales up more than 28 percent from May 2011
by J.R. Lind
Nashville home sales continued to grow in May, showing a 28 percent increase over the same month last year.
According to the Greater Nashville Association of Realtors, there were 2,500 home sales last month, 28.5 percent more than in May 2011 and the highest sales total since May 2008.
Year-to-date, sales are up 25.5 percent.
The strong sales month has inventory shrinking, down to 19,503 — 14 percent lower than in May 2011.
The median residential price in May was $179,000 for a single-family home and $160,000 for a condominium. This compares with last year’s median residential and condominium prices of $165,900 and $143,000, respectively.
There was growth in all four sales sectors, though the biggest boosts were in single-family and condo sales. However, movement in land and lots — which was brisk earlier this year — seems to have slowed in recent months.