Nashville TN Real Estate Market Improving

Home Sales are on the rise in the greater Nashville TN Real Estate Market based on a recently published "Greater Nashville Association of REALTORS®" (GNAR) Report for 2012. Home sales increased for the third consecutive month with the fourth quarter of 2012 showing a significant increase from the real estate market conditions of mid-year.

This is a great indicator for home buyers that the Nashville area real estate market and economy rebounding from the housing crash of 2008 that still has many parts of the US market in a declining economy.

GNAR reported that there were 1,612 home closings during the month of December, according to figures provided by the Greater Nashville Association of REALTORS®. This is a 13.3 percent increase from the 1,422 closings reported.

Final numbers for 2012 show there were 21,183 homes sold in the region, according to figures provided by the Greater Nashville Association of REALTORS®. Compared to the prior year, the final figures are down 12.6 percent.

"The significant increase in closings during December and the very positive trend for all of the fourth quarter are both encouraging signs for real estate in this region," said Lucy Smith, 2010 president of the Greater Nashville Association of Realtors. "There is no question that first-time homebuyer tax credit had a major impact. As a result of the tax credit being extended and expanded, we anticipate positive trends possibly including more move-up activity in the months ahead."

"Home prices have stabilized, which is a positive sign, and condominium prices are actually up more than 11 percent - certainly encouraging in light of the overall real estate trends of the recent past," said Smith. "It bears noting that at mid-year of 2012 we were virtually 30 percent behind the previous year. While no one is claiming that all the economic issues have been resolved, we have made some meaningful progress and this is certainly the kind of news we welcome as we begin a new year."