Nearly 3,445 Nashville-area residential properties changed hands in September, contributing to a 15 percent overall gain in home closings for the third quarter.
That’s the best third-quarter growth in two years and nearly doubles sales recorded for that same July through September period four years ago, according to the Greater Nashville Association of Realtors.
On average, homes sold during the recent quarter spent 56 days on the market — the fastest clip in nine years.
“With so many factors remaining unchanged, we are confident the fourth quarter will be a favorable one for our housing market,” said Cindy Stanton, president of GNAR, which releases the home sales figures each month.
Indeed, the 3,244 sales pending at the end of September bodes well for October’s closings being higher than last year.
However, starting with the last days of this month, a new federal mortgage rule that took effect Oct. 3 could delay closings by up to 10 days. That’s because of a new mandatory waiting period after the borrower receives the new closing disclosure documents.
“The market remains strong,” said John T. Cook, a closing attorney with Attorneys Title Co. “We’ll have a better feel of how the closing process is impacted after we have 60 days under our belt.” (continue reading)