TN Home Sales Flat, Price Up, Inventory Decline Slows Even More
June: Sales –1%, Price +7.3%, Inventory -12.3%
2nd Q.: Sales +1.4%, Price +9%
There were 8,263 single-family home closings in Tennessee in June 2018, down -1.0 percent from a year earlier, while the median price rose (but less than in recent months) and available homes tightened at a declining rate, according to data compiled by Tennessee Realtors.
Single-family home sales slipped from 8,344 closings to 8,263, the median price grew +7.3 percent ($220,000 to $236,000), and available inventory was down -12.3 percent (25,075 to 21,976).
Condo sales halted a recent downward trend, increasing +2.2 percent (691 closings to 706), while the median condo price rose +11.6 percent ($172,000 to $192,000), and condo inventory fell -8.5 percent (1,695 to 1,551) over June 2017.
For the second quarter of 2018, home sales rose slightly, +1.4 percent (23,050 to 23,364), and the median price increased 9 percent ($210,355 to $229,225). Condo sales rose 2.4 percent (1,956 to 2,004), and the median condo price rose 9.7 percent ($175,000 to $193,700).
The tables below summarize Tennessee’s June 2018 data:
|SALES||June 2017||June 2018||Change|
|MEDIAN PRICE||June 2017||June 2018||Change|
|INVENTORY||June 2017||June 2018||Change|
Note: The June 2018 data was delayed by a technical issue at the vendor.
Tennessee REALTORS® is one of the state’s largest and most influential trade associations. Consisting of 21 local associations and 28,000+ 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.