Mid year housing data from the Greater Nashville Association of Realtors showed slower sales activity compared to the prior year. However, pricing patterns revealed an important shift in the condominium segment.
Closings decline year over year
In June, 2,591 homes closed, down 27.8% from the 3,588 closings reported in June 2007.
Second quarter closings totaled 7,234 sales, reflecting a 28.2% decrease compared to the second quarter of 2007.
Year to date closings reached 12,997, down 28% from the 18,070 sales reported through mid year 2007.
While transaction volume declined materially, pricing trends did not move in lockstep with sales contraction.
Condominium prices surpass single family homes
The median price for a single family home in June was $183,615. The median condominium price reached $185,500.
This marked the first time the condo median exceeded the single family median. One year earlier, June median prices were $196,000 for single family homes and $155,800 for condominiums.
This crossover suggests stronger demand concentration in the condominium segment during this period.
Inventory expansion and market balance
Total inventory reached 24,935 homes, compared to 21,236 at the end of June 2007. Pending sales stood at 2,684 at month end. Single family homes averaged 76 days on market.
Rising inventory combined with declining closings signals a shift toward a more balanced market environment. However, the strength in condominium pricing indicates that demand remained active in specific housing segments.
When transaction volume falls but certain price categories remain firm, the market often reflects selective buyer behavior rather than uniform weakness.
Monitoring Nashville inventory, median price segmentation, and absorption trends together provides a clearer picture than sales volume alone.
