Tennessee’s July Home Sales Flat, Median Price Rises, Inventory Declines More Slowly
Home Sales –.01%, Price +6.7%, Inventory -15%
There were 7,767 single-family home closings in Tennessee in July 2018, 10 fewer than a year earlier (-.01 percent), while the median price ticked up and available homes continued to tighten at a slower rate than previous months, according to data compiled by Tennessee REALTORS®.
Single-family home sales were flat, from 7,777 closings to 7,767, the median price grew +6.7 percent ($220,000 to $234,900), and available inventory was down -15 percent (25,159 to 21,391) from the previous July.
Condominium sales returned to their recent trendline, slipping -6.5 percent (631 closings to 590), while the median condo price rose +9.4 percent ($181,000 to $198,000), and condo inventory tightened but at an easing rate, -7.7 percent (1,644 to 1,518) over July 2017.
The tables below summarize Tennessee’s July 2018 data:
|SALES||July 2017||July 2018||Change|
|MEDIAN PRICE||July 2017||July 2018||Change|
|INVENTORY||July 2017||July 2018||Change|
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.