Nashville area housing sales dropped 19% in July
Home sales in the Nashville area continued their summertime slump last month.
- Closings dropped a whopping 19% in July compared to the same timeframe a year ago, per Greater Nashville Realtors.
- That follows smaller year-over-year slips earlier this year.
- 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."
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.
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