Home Sales Slip, Price Rises, Rate of Inventory Decline Slows Slightly in May 2018
Home Sales –1.5%, Price +10%, Inventory -20.7%
Tennessee saw 7,845 single-family home closings in May 2018, down -1.5 percent from a year earlier, while the median price kept rising and the number of homes available tightened—but at a slower pace than in recent months, according to data compiled by Tennessee Realtors.
“The market continues to be characterized by relatively flat sales, rising prices, and many buyers competing for fewer available homes,” said Leon Dickson, Sr., 2018 President of Tennessee Realtors. “Regardless of how market conditions might fluctuate, it remains critically important for buyers and sellers alike to engage the expertise of a Realtor when handling what for many is the largest transaction they will ever make.”
Home sales dipped from 7,964 closings to 7,845, the median price grew +10 percent ($209,000 to $230,000), and available inventory was down slightly less than the recent trend, -20.7 percent (24,560 to 19,473).
Condo sales fell markedly at -15.9 percent (735 closings to 618), the median condo price rose +10.9 percent ($180,000 to $199,539), and condo inventory fell -23 percent (1,680 to 1,293) over May 2017.
The tables below summarize Tennessee’s May 2018 housing market in sales, price and inventory:
|SALES||March 2017||March 2018||Change|
|MEDIAN PRICE||March 2017||March 2018||Change|
|INVENTORY||March 2017||March 2018||Change|
Tennessee REALTORS® is one of the state’s largest and most influential trade associations. Consisting of 21 local associations and 27,000+ members, the association provides a variety of services including legislative and regulatory advocacy, professional development, professional-standards training, and transaction-management solutions. To learn more, visit www.tnrealtors.com.