New housing numbers for the greater Nashville area show a 45% drop in sales compared to the same period last year.
The Greater Nashville Association of Realtors reports 1,243 home closings reported for the month of November.
Last year, there were 2,260 closings.
Home sales for the area for the year through November are 22,824, down 29% from 2007's 32,112 homes sold.
“The real estate market in Greater Nashville is clearly feeling the effects of national economic trends,” said GNAR President Mandy Wachtler. “It has taken longer for the trends to have their impact here, and the impact is still less than many other locations… We anticipate that we will be among the places where positive trends are seen earlier than other locations, as well. Even with the current market conditions we have, there is still no better place to be than right here.”
Home values also decreased.
The average Nashville area home is valued at $165,000, compared to last year's $179,900.
Condos are fetching $150,000, down from 2007's $167,035.
Total inventory is climbing with 23,467 on the market compared to 22,301 in November of 2007.
“Inventory remains plentiful but seems to be leveling out, especially in residential and condominium properties,” said Wachtler. “There are loans available at what are still remarkable rates and transactions are still getting done at fair market prices for both buyers and sellers.”