The number of the home sales and their median prices rose in the Nashville area last month when compared to their value from one year ago, thus signaling a steady recovery of the region’s housing industry. We all know that there has been a mass decline for the housing industry in the US. But it’s different from what the Nashville areas are experiencing. Based on the records of the Greater Nashville Association of Realtors, there is a significant improvement with regard to its home sales.
There were at least 2,266 foreclosed houses for the month of September, 23.7% higher than last year. There was also a $175,000 increase in single-family homes sold, according to the Greater Nashville Association of Realtors. Kendar Cooke, GNAR president said that they are fortunate to experience such increases because this is not yet happening in other parts of the country.
Each month this year, the housing market seems to have improved slightly, said Cooke. Last month saw 7,446 houses change hands, up to 26.2% compared to that of last year. With more than 2,291 pending sales at the end of September, appraiser Richard Exton expects strong sales for the rest of the year at least. He classified the city’s current inventory at 17,897 single-family homes, down from 20,718 a year ago. He also stated that those numbers illustrated a balance between buyers and sellers.
Meanwhile, the real estate agents’ association estimated around twenty percent of sales involved real estate investors. Speaking to local media, one investor, Mona Lam, said how she started buying single-family homes in Nashville rather than in Hawaii, simply because the market had become so hot. Lam reasoned that houses in Hawaii are always overpriced and you can still get reasonably priced homes here in Nashville.
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