stocks continue to plunge this week so far but a ray of hope can be found in real estate here in nashville: sales were up this month 15.8%. there were 2,021 home closings in july which represents a huge up tick from the 1,745 closings we had last july. single family homes & condos were both up. year to date closings are still down 8.7% at the halfway mark for 2011. pending sales for future closings were up though which is a good sign of things to come: 1,997 versus last year’s 1,667 at this time.
home values continue to struggle locally though. david stiff, fiserv’s chief economist and one of the nation’s leading experts on u.s. housing trends, said he thinks average nashville prices will stay pretty much flat from current levels until early next year.