Nashville Home Sales in Free Fall, Down 45 Percent


This just in from the Nashville Business Journal:

Nashville home sales dropped 45 percent in November -- the largest percentage drop this year -- to levels not seen since the early 1990s.

There were 1,243 home closings, down from 2,260 last year. It's the lowest since 1992, when there were a total of 1,020 closings in November. Year-to-date closings are down 29 percent.

"The real estate market in Greater Nashville is clearly feeling the effects of national economic trends," says Mandy Wachtler, president of the Greater Nashville Association of Realtors. "It has taken longer for the trends to have their impact here, and the impact is still less than many other locations. And, we anticipate that we will be among the places where positive trends are seen earlier than other locations."

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