The Greater Nashville Association of Realtors says July had more closings than any month in the last four years. Home sales continue their upward trend in Middle Tennessee.
The number of homes sold in the area was up more than 27 percent from the same period last year.
MTSU economist David Penn says the month-to-month improvement is a good thing.
“In this market, it’s better to be up than down. I think the other thing we have to look at is what are those homes selling for. Are the prices starting to edge up?”
Penn’s research finds that home prices have only just begun to truly stabilize. But with home inventories down considerably, Penn expects home values will rise within the next year.
After a double-digit drop in the number of homes on the market for the month, realtors say they would “welcome” more inventory.
Mother-of-three Laura Troup is putting her house up for sale next week. She’s scouring Williamson County for her family’s next home.
“The houses that have been on the market longer definitely have significant improvements to be made, or they were affected by the flood a couple of years ago. Everything else is moving rather quickly.”
According to a quarterly report from MTSU’s Business and Economic Research Center, Nashville’s housing market is fairing slightly better than other metropolitan areas in the state. Over the second quarter, home sales rose here but not in Knoxville or Memphis.