New home closing sales in Nashville decrease for month of June in new report

New data shows home sales in Nashville took a deep dive in the month of June compared to the same time frame year. It's raising questions for people who are just wondering when they will be able to afford a home.

The data is from Greater Nashville Realtors and it shows a 13% decrease in closing sales from the more than 3,500 closings that were reported in the same period the previous year. Rising home costs may be to blame.

The median price for a single-family home rose to $505,000 compared to almost $475,000 a year ago. It's a significant jump, but the president of the group says that rise in sales prices is a positive indicator of a healthy real estate market.

Kevin Wilson says while the numbers were down for closings in the month of June listings have increased by 15% which is providing more options for buyers. There were 11,255 active listings this year in June compared to almost 9,600 the same month last year.

While June presented a dip in sales numbers have remained steady for the first half of 2024, but Nashville home sales remain below their pre-pandemic levels as potential buyers wait for interest rates to come down.

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