Yesterday, the Greater Nashville Association of Realtors published their July home sales data. The good news? July home sales rose over the previous month. Home sales last month were only 11% below the previous year. Back in January, sales were down 41% from the same month in 2008. We have seen a trend each month this year where sales have continued to increase and the difference between the year before has narrowed.
Check out this article from the Tennessean with some theories on why sales are picking back up. (Hint: First-Time Homebuyers)
At the Village company sales meeting on Tuesday, the head of CityLife Lending (a Wells Fargo Home Mortgage affiliate) said that he and his fellow mortgage consultants feel like the bottom has passed. Rates are starting to climb again and are back over 5%. While this is still incredibly low in the history of the mortgage industry, it is not as low as the 4% rates we were seeing earlier this year.
On the CityLiving Team, we have seen our sales increase as well. We currently have 251 sales in 2009. Our goal this year is 500 transactions. We are halfway there!
Here’s to a continuation of the upward trend. We hope you are feeling the improvement in the economy too, in whatever industry or business sector you are in.