Home sales in Nashville up significantly in August
The number of home sales in the Nashville area increased substantially in August compared to the same time a year ago, according to the Nashville Business Journal. This is further evidence of a continued rebound in the demand of houses for sale in Nashville.
According to the report, released by a local association of real estate experts, 2,606 homes were sold in the area last month, up from 2,047 last August. This represented a 27.3 percent increase, portending an upward trend from a city-, state- and nationwide real estate slump.
"The August home sale numbers indicate that the Greater Nashville real estate market is demonstrating an important characteristic - sustainability," said Kendra Cooke, the president of the local real estate association, in a statement. "There have been four consecutive months with closings above 2,400. This is encouraging evidence these positive trends could continue in the coming months. Middle Tennessee continues to receive much positive attention, with both businesses and families moving here, resulting in even more growth."
Along with the uptick in the number of home sales, average home prices continued to trend upward as well. According to recently released data from housing market research firm CoreLogic, prices in the city improved by 2.3 percent in July compared to a year ago. Mark Fleming, the chief economist of CoreLogic, believes that this portends more significant price gains and further increases in August and beyond.
Even with the rebounding and recovering real estate market in Nashville, the slump and recession of the previous five years have led to a subtle shift in the available houses. According to The Tennessean, the size of homes in Nashville communities have decreased as developers opt to construct smaller and less-expensive homes. This trend has largely spread to the rest of the country as well, part of an overall effort by developers to keep costs down and construct houses that are available to greater segments of the homebuying population.
According to the news source, local real estate experts have cited the fact that Americans in the post-recession era were keenly aware and wary of the prospects of overextending. Smaller families were seeking out reasonably sized single-family homes, instead of extravagant mansions that were more popular in the pre-recession era.