Roughly 3 percent fewer residential properties changed hands in the Nashville area during November versus a year ago, a decline some real estate insiders attributed to a lack of inventory.
Despite that decline to 2,397 for last month, more closings — 33,679 to be exact — have already occurred year-to-date through November than all of 2014. Year-to-date, closings are up 6.9 percent versus last year.
“Even with a slight dip in year-over-year sales, our market continues to thrive,” said Cindy Stanton, president of the Greater Nashville Association of Realtors, which releases the monthly sales figures.
November’s 3.1 percent decline in residential closings following generally flat sales for October indicates that the Nashville market is seeing slower sales growth. Last month’s 3.1 percent drop is the biggest year-over-year decline for any month since a 1.2 percent decrease in closings in March 2014. according to GNAR.
“It’s a step back from what’s happened throughout the year so far,” said Richard Exton, an appraiser with Manier and Exton in Nashville. “The market has been strong for such a long period that it’s not surprising that you’re seeing a flattening.” (continue reading at Tennessean)