Home Sales Pop 59%

Homes sales in the Nashville area jumped nearly 60% last month with close to 2,000 closings reported in November.

Mike Nichols, who is president of the Greater Nashville Association of Realtors, says closings were driven largely by the first-time homebuyer tax credit. He says no one knew the original deadline would be extended, so they chose to act. Nichols expects the activity, however, will continue since the tax credit has been expanded to more buyers.

Even with the improved sales, closings are down 14% year to date. The median price of a single family home also dropped from $165,000 last year to $158,000 this year.