Nashville-Area Home Sales Flat In April, Prices Set Record

NASHVILLE, TN — Single-family home sales in the Nashville region flattened in April, bucking several months of year-over-year growth. With available inventory continuing to shrink, the summer buying season may not match the boffo numbers of the fall and winter.

There were 3,325 home closings in the Nashville area in April, up 1.3 percent from the same month last year. The median single-family home sales price was $275,000, a record monthly median for the region, according to the Greater Nashville Association of Realtors.

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April typically kicks of the summer-buying boom, with families looking to relocate during the summer months to minimize interruptions for school-aged children, but GNAR portends a much slower summer than usual as inventory continues to shrink and supply fails to keep up with demand.

Current single-family home inventory in the region is less than three months, far below the six to eight months analysts prefer for a healthy real estate market.

“While year-over-year sales were up for the month of April, there was a slowing down from the previous month,” Scott Troxel, GNAR President, said in a statement. “The struggle between low inventory and rising sales is beginning to even out. While supply is increasing, it has a way to go still to meet up with buyer demand. All indicators show we will continue to have growth in our market at a more even pace.”

Troxel rosily predicted Nashville would crack 40,000 units sold in 2017, but to meet that mark, sales would have to see their usual summer spike, which he also admitted was unlikely.

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