Home sales dipped last month, but they were much higher than September last year, newly released data shows.
According to the Multiple Listing Service, a total of 261 homes were sold in Rutherford County, down from 289 in August. However, that number is more than the 221 sold in September 2010.
“September looks a lot like we expected with seasonal decreases as we get ready for the winter season,” said Steven Dotson, president of Rutherford County-based Red Realty.
“The seasonal decrease actually started later than usual, which is a good sign that 2011 will end on a positive note.”
He pointed out that closings and pending home sales are historically lower in the fall and winter months compared to higher sales in the spring and summer months.
“So this small decrease is to be expected and not to be perceived as any negative signs,” Dotson continued. “The good news is the year-to-date numbers and the inventories continue to improve compared to last year.”
CoreLogic, a leading provider of information, analytics and business services, recently released its August Home Price Index (HPI) which shows that home prices in the U.S. decreased 0.4 percent on a month-over-month basis, the first monthly decline in four months.
The same report shows that national home prices, including distressed sales, also declined on a year-over-year basis by 4.4 percent in August 2011 compared to August 2010. The data shown for August is the most up-to-date available; September’s numbers will be available next month.
While national prices decreased, statistics show that home sales in the Nashville-Davidson--Murfreesboro--Franklin area actually increased in August.
Home prices, including distressed sales, increased by 0.2 percent in August 2011 compared to August 2010 and declined by 0.4 percent in July 2011 compared to July 2010, according to CoreLogic. Excluding distressed sales, year-over-year prices increased by 0.9 percent in August 2011 compared to August 2010 and increased by 0.7 percent in July 2011 compared to July 2010.
In order for home sales to increase, Dotson says residents need to get back to work.
“It’s great to see the news of all the potential jobs that may be coming to Middle Tennessee and the surrounding areas. These new jobs are key to our community’s ability to create homebuyers,” he continued.
“The sooner we can get people to work in these announced jobs, the sooner we will see more improvements.”
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