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Nashville's red hot housing market finally shows signs of cooling

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MURFREESBORO, Tenn. (Mike Osborne) — Rising interest rates and a slowing economy finally caught up with Nashville’s red hot housing market in July.

New data from the Greater Nashville Realtors Association shows home sales took a nosedive this past month. The number of homes sold in July dropped 20 percent year over year and 18 percent month over month.

The report offered several pieces of good news for home buyers. For example, the number of properties on the market is now at its highest point in two years.

Mid-state home values peaked in May at $498,000 for a median single-family residence. By the end of last month, home values had fallen more than $8,000 from that record high.

A decline in pending sales suggests more slowing in the Greater Nashville housing market likely lies ahead.

Mike Osborne is the News Director for WMOT and can be heard on-air daily.