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 |
| Single-Family | 7,777 | 7,767 | -.01% |
| Condominium | 631 | 590 | -6.5% |
| MEDIAN PRICE | July 2017 | July 2018 | Change |
| Single-Family | $220,000 | $234,900 | +6.7% |
| Condominium | $181,000 | $198,000 | +9.4% |
| INVENTORY | July 2017 | July 2018 | Change |
| Single-Family | 25,159 | 21,391 | -15% |
| Condominium | 1,644 | 1,518 | -7.7% |
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.
