The complete press release from the GNAR can be found here. The gist of the report though, is that closings are down 28.7% in March, compared to March of 2007.
The following is also in the report.
The median residential price during March was $178,388$160,573. That compares with median residential and condominium prices at this time last year of $173,400 and $153,400 respectively. The average number of days on the market for a single-family residence was 80 days.
As bad as things are supposed to be, home values are still appreciating in Middle Tennessee. Just think how much they are going to appreciate when this “crisis” is over.
If you are waiting to buy for any other reason than you have some work to do credit-wise, you are making a huge mistake.
