Home Sales Up for the 8th Month in a Row

According to The Greater Nashville Association of REALTORS®, there were 2,270 home closings reported for the month of May.  This is a 27.3% increase from closings reported for May 2009. This brings the year-to-date closings to 8,607, which is up 20.4% from same period last year.

The home buyer credits have been a great boost to home sales and we will see closings through the end of June that still qualify for the tax credit. However, we are also seeing buyers take advantage of the historically low rates that are still out in the market today. That’s not to say that the market will not feel the end of the tax credit because we expect it to soften a bit. But people always have to move for various reasons and Middle Tennessee is thriving more than many cites and areas in the country so the housing market is expected to remain strong.

Inventory of houses at the end of May was 24,007, down a little bit from the 24,598 reported in May of 2009 but still is a good supply of homes to choose from. With a good number of homes to choose from and historical low interest rates it remains a great time to purchase a home!