The Nashville area saw 4,257 home closings in June, an 8 percent decrease from the mark of the same month in 2021 — with the dip attributed, in part, to home loan interest rates.

According to a Greater Nashville Realtors release, the second quarter showed 12,057 closings, down 6 percent from the 12,831 closings during the second quarter of last year. June 2021 registered 4,649 closings reported for the same period last year.

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Steve Jolly

Most 30-year fixed-rate mortgages will carry an interest rate of at least 5 percent (though the rates have dropped recently). June 2021 saw rates as low as 3.4 percent.

For the area, there were 3,245 sales pending at the end of June, compared to 3,608 pending sales at this time last year.

The average number of days on the market for a single-family home was 24 days.

The median price for a residential single-family home was $495,070; for a condominium, $348,150. This compares with last year’s median residential and condominium prices of $415,000 and $292,570, respectively.

Inventory at the end of June was 7,370, up from 4,615 in June 2021.

“Market activity decreased significantly as rates rose 200 basis points since the start of the second quarter,” Steve Jolly, Greater Nashville Realtors president, said in the release. “While many expect doom and gloom, returning to normal interest rates and levels of activity is healthy for the Nashville real estate market. Prices remain strong for sellers, while buyers have more time to find the right property and may be able to negotiate for more items like property repairs and closing costs.”

“[And] while residential sales have slowed when compared to [the figures of] last year, condo sales have increased 3.8 percent,” Jolly added.

The GNR data collected was taken from Cheatham, Davidson, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson and Wilson counties.