Nashville area housing sales dropped 19% in July

• That follows smaller year-over-year slips earlier this year.

Why it matters: Those figures are the latest sign the housing market is cooling off after a red-hot period.

• Experts framed the ongoing slowdown as a healthy return to equilibrium after historic highs.

What they're saying: Laurel Graefe, regional executive for the Nashville branch of the Federal Reserve Bank of Atlanta, addressed the broader trend at an event last week, before the latest numbers were released.

• "It would make sense to me that we're seeing a little bit of a lull right now as things come back into balance," she said.
• "This feels like a bit of a normalization."

Yes, but: Graefe said demand remains robust in the Nashville area, driven by residents from other parts of the country who continue to relocate here.

By the numbers: There were 3,459 closings last month, down from 4,314 last July, per Greater Nashville Realtors.

Between the lines: The housing inventory is creeping up as sales ease off and houses stay on the market for longer periods of time. But prices remain strong.

• The median price of a single-family home in July was $490,000 compared to $415,075 last year.