Recession isn't over, but signs of hope grow

Home sales everywhere in America are down. That has been thoroughly documented in the national media for the past two years.

There has been little to classify as encouraging signs anywhere, especially with job news still indicating increases in unemployment.

However, while the news is still not great, there really is some meaningful encouragement in the home sales data for the Greater Nashville area for June.

First, the total number of closings exceeded 2,000 for the first time since September. In recent years, the only times there were fewer than 2,000 closings per month would have been the year-end or year-beginning winter months. Now it is good to see that we have reached that level, even in June, one of the top months of the home buying and selling season.

Second, the median price for a single-family home is down, but only by 3 percent. That number has been closer to 9 or 10 percent in recent months, so the fact that prices are stabilizing is a good sign. Condo prices were down by a much larger margin, but that was because of a major complex coming online at this point last year, so the comparison is a bit distorted for the condo median price.

Third, the number of pending sales remained strong, also over 2,000 again during June. Pending sales don't always move to closing, but the percentage that does is high. Transactions are much more difficult these days. And they require a great deal of patience, especially if the transaction is a short sale or foreclosure. But, there are more closings happening, and that is good news.

The details and difficulties associated with real estate transactions these days serve to highlight the need and value for a real estate professional to be representing you, whether you are buying, selling or leasing property.

Finally, there is national notice for the fact that Greater Nashville is poised for recovery. Recent information from the Brookings Institute noted that this region has withstood the economic stresses and strains better than many other locations. We have been slower to feel the effects of the recession and are likely to be on the front end of the recovery.

While there are many people in our community experiencing the negative effects of the down economy, we still have many reasons to be thankful. There is still no better place to be than right here in Music City.