New house moves are hitting a record low as homeowners look for new home
New house sales in Nashville, Tennessee, hit a record high in October for the first time in six years, as many people look for homes to move into.
According to the NAREO market data service, the average new home sale price in Nashville in October was $217,500, down $12,000 from the same month last year, the most recent month available.
That’s down about 2.6% from the average price in October of $241,300 in 2018.
The average new house sale price for Nashville was $219,400 in October 2018, down by nearly 5%.
The average price of a Nashville home sold in October, adjusted for inflation, was $223,700, down 0.6%.
Nashville’s median home sale sale price fell 4.2% from a year ago to $223.2 million.
The median price for a Nashville-area home sold last month was $239,500.
The number of home sales in Tennessee, which has the nation’s fourth-largest population, hit the lowest level since February 2017.
The Nashville Metropolitan Housing Authority said that a record number of people moved into Nashville in September, according to the Nashville Business Journal.
More than 10,000 people are listed for a home sale in Nashville each day, according the NARSEO.
This compares to more than 12,000 in July and October of 2017.