There were 1,748 home closings reported for the month of October , according to figures provided by the Greater Nashville Association of Realtors®. This represents a decrease of 29.7 percent from the 2,487 closings reported for the same period last year.

And, there were 21,581 closings year-to-date in 2008. That is a 27.7 percent decrease compared to the 29,852 closings reported through October 2007.

“The number of closings for October are down at a rate consistent with recent trends. The same is true for the median price of a home,” said GNAR President Mandy Wachtler. “There seems to have been some hesitancy among buyers related to the election and financial crisis, Now that the election is done and some clear steps have been taken to address the financial situation it is possible that people will feel more comfortable moving forward with purchasing a home."

A comparison of sales by category for October is:

Closings Residential Condominium Multi-family Farms/Land/Lots

October 2007 2,487 1,929 398 29 131

October 2008 1,748 1,458 202 21 67

There were 1,504 sales pending at the end of the month, compared with 2,428 pending sales at this time last year.  The average number of days on the market for a single-family home was 79 days. The median residential price for a single-family home during October was $170,000, and for a condominium it was $152,500.  This compares with last year’s median residential and condominium prices of $180,400 and $175,579, respectively.

“Residential and condominium supplies have stayed slightly higher than inventory levels from last year,” said Wachtler. “As the end of the year approaches, it is still an ideal time to consider the purchase of a home. A plentiful inventory from which to choose, reasonable home prices, excellent interest rates and attractive government incentives like the tax credit benefits from the Housing and Economic Recovery Act of 2008 combine to help open the door to homeownership for more individuals and families. Potential home buyers – especially first-time home buyers – may want to contact a Realtor to explore taking advantage of current market conditions to purchase a home in the Greater Nashville area. “

“Current market conditions remind me of the early 1990s, when we did an advertising campaign using the line “Yes! You Can Buy!” As was the case then, a lot of people seem to think there is no money available to loan on homes. Quite the opposite is true, and talking to a real estate professional may help people learn of options available to them right now,” said Wachtler.

The Greater Nashville Association of Realtors® is one of Middle Tennessee's largest professional trade associations and serves as the primary voice for Nashville-area property owners and real estate professionals. REALTOR® is a registered trademark which October be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict Code of Ethics.