February 2011 Home Sales Decrease, Median Prices Increase
According to the Greater Nashville Association of Realtors (GNAR) there was a 13.3% decrease in home sales in February (in comparison to last year's February home sales).
There was a glimmer of hope for median home sale prices: the median price for a single family residence in the greater Nashville area increased $10,000 when compared to February 2010.
Not such good news for condos, which declined by $17,950 when compared to February 2010.
To me this is fatiguing news. It's really rough out there in the real estate market for sellers.
On the "silver lining" side, if you are looking to buy, it is a great time and with median house prices on the rise, time may be running out to find those great deals!
Emily, usually those figures both go in the same direction. I am guessing that the values increased because the economy is improving slightly, and the sales volume decreased mostly because last February the tax credit may have artificially increased the numbers. Any ideas on that ?