Getahn Ward

The Tennessean

There was only a 0.4 percent increase in June's residential property sales to 3,887 closings.

The inventory of single-family homes at the end of June was down 6.8 percent from a year ago.

The recent second quarter's home sales were the strongest on record for that April through June period.

June's record median price of a single-family home was up 13 percent from a year ago.

Nashville area home sales were flat for June, reflecting what Realtors say is a disparity between supply and demand.

The low inventory of available single-family homes, meanwhile, played a role in lifting last month's local median sale price to a record $293,753.

"Price has increased over the last few years and eventually buyers will halt until it kind of readjusts," said Steve Fridrich, managing partner in residential real estate agency Fridrich & Clark Realty. "We've been on a very strong pace for a long time. It's not like that can continue forever."

Fridrich said Nashville area home sales are especially slower for residences priced at $800,000 and above. He expects year-over-year growth in home closings to resume this fall after a typical slowdown during the summer months.

The latest tracking by trade group Greater Nashville Realtors show 3,914 properties under contract at the end of June, up 1.3 percent versus a year ago. But based on those pending sales, some analysts expect July to be another flat month for closings.

"The biggest challenge in the market now is finding sellers," said Richard Exton, an appraiser with Manier and Exton who intends to run for Davidson County Register of Deeds next year. "Folks know they can sell their house quickly and for a good price, but they are concerned that they will not find anything to buy that is a step up at a price they perceive as reasonable."

Exton expects July's local median price to be higher than for that same month last year as part of a continuing upward trend. But he said the current month's median price could still fall below this year's June record.

Strongest second quarter for home sales

Despite only a 0.4 percent increase in June's residential property sales to 3,887 closings, Greater Nashville Realtors' tracking shows 5.6 percent more homes changed hands during the first half of this year versus a year ago. The recent second quarter was the strongest on record for that April through June period with 11,155 closings, up 2.8 percent from a year ago.

Greater Nashville Realtors President Scott Troxel expects this full year's sales to come close to the 2006 record of more than 40,000 annual closings. "The data for June and second quarter home sales prove our market has the necessary stamina to continue forward," he said. "Even with challenges, buyer demand is still strong and home ownership remains a priority for many of our residents."

The inventory of single-family homes on the Nashville area's market at the end of June was 5,859, down 6.8 percent from a year ago and generally flat from May 2017.

June's record median price of a single-family home was up 13 percent from a year ago and up 5 percent from May 2017. The median price of a condo, meanwhile, rose nearly 7 percent to $199,350 from June 2016.

On average, homes sold during June spent 25 days on the market, down from 28 days a year ago.

Williamson County's June sales, median price down

A separate tracking by the Williamson County Association of Realtors shows a 3.3 percent decline in year-over-year June home sales in that county to 583 closings.

The median closed price for a single-family home was $459,775, down slightly from a year ago and down 3.2 percent from last month’s all-time record high of $474,733.

Reach Getahn Ward at gward@tennessean.com or 615-726-5968 and on Twitter @getahn.