A record 2,411 Nashville area residential properties sold in January, an 11 percent year-over-year gain that along with the median price rising signals possibly another strong year for the housing market.
The new year, however, also started with inventory remaining a concern. The number of single-family homes on the market at the end of last month was down 10.5 percent from a year ago based on trade group Greater Nashville Realtors' tracking. That's a 2.8-month supply that reflects a seller's market.
A mild winter so far likely helped to lift January home sales and also could be a factor in sales pending at the end of last month being up 25 percent from a year ago. "Punxsutawney Phil might have seen his shadow, suggesting six more weeks before we see spring weather, but our data indicates our market may enter the spring selling season sooner," said Greater Nashville Realtors' President Scott Troxel.
Troxel said local Realtors are watching for potential impact of new U.S. President Trump's suspension of the erstwhile Obama administration's 25-basis point reduction of mortgage interest premiums on Federal Housing Administration loans before it took effect. "Many first-time and low- to moderate-income buyers look to FHA loans as part of their path to homeownership," Troxel added. "Realtors are letting the administration know both the importance ...