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TENNESSEE HOME SALES / PRICES UP, INVENTORY DOWN

MAY 2016 (News from Tennessee Association of Realtors)

Tennessee single-family home sales rose 5 percent in May 2016 over the previous May (from 6,821 to 7,163), while the median price rose 5.4 percent (from $185,000 to $195,000), and inventory dropped 28.2 percent (from 33,110 to 23,781), according to numbers compiled by TAR. Meanwhile, condominium sales held steady (672 vs. 671) and the median condo price rose 10 percent (from $150,000 to $165,000), while condo inventory dropped by 38 percent (from 2,785 to 1,728).

In both categories, a continuing squeeze in inventory helped to boost median prices statewide. Year to date (Jan.-May), Tennessee home sales were up 7.5 percent, and the median price rose 7.3 percent over the same period in 2015.

Rice Property Group's photo.

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