Nashville's January home sales break record
Getahn Ward , USA TODAY NETWORK – TennesseePublished 2:51 p.m. CT Feb. 7, 2017 | Updated 3:49 p.m. CT Feb. 7, 2017
The new year, however, also started with inventory remaining a concern. The number of single-family homes on the market at the end of last month was down 10.5 percent from a year ago based on trade group Greater Nashville Realtors' tracking. That's a 2.8-month supply that reflects a seller's market.
A mild winter so far likely helped to lift January home sales and also could be a factor in sales pending at the end of last month being up 25 percent from a year ago. "Punxsutawney Phil might have seen his shadow, suggesting six more weeks before we see spring weather, but our data indicates our market may enter the spring selling season sooner," said Greater Nashville Realtors' President Scott Troxel.
Troxel said local Realtors are watching for potential impact of new U.S. President Trump's suspension of the erstwhile Obama administration's 25-basis point reduction of mortgage interest premiums on Federal Housing Administration loans before it took effect. "Many first-time and low- to moderate-income buyers look to FHA loans as part of their path to homeownership," Troxel added. "Realtors are letting the administration know both the importance and impact of FHA loans on the housing market.”
The median residential price for a Nashville area single-family home in January was $261,500, up 7.8 percent from that same a month last year. The median condo price increased 2.5 percent to $184,350.
Despite declining 10.5 percent year-over-year, the inventory of 6,687 single-family homes at the end of January was down less than a percent from last year's end. On average, homes sold last month spent 57 days on the market. The 2,755 sales pending at the end of January compared to 2,212 a year ago.
A separate tracking by the Williamson County Association of Realtors showed a record 332 closed home sales for January, up 2 percent from a year ago. The median sales price for a single-family home rose 6 percent to $445,627 last month, marking the 11th consecutive month of topping $400,000.