Low interest rates make mortgages more affordable, and that means higher homes sales. Or at least that used to be the case.

In today’s topsy-turvy real estate market, historically low interest rates may actually be discouraging sales.

That’s one explanation for the dramatic drop in home sales in parts of the Nashville market during the second quarter of the year, real estate professionals say.

“There’s no incentive to hurry. Interest rates aren’t going up anytime soon. Buyers say there’s no rush to go out and get a house,” Re/Max Realtor John Ehlers says.

Home sales were down 16.3 percent in Nashville during the second quarter months of April, May and June. There were 2,592 sales during the quarter, compared with 3,096 in the same period of 2010, according to market analysis by Chandler Reports.

The prospect of rising interest rates used to encourage buyers to act quickly when they found a house they liked. Now buyers are confident that rates will remain low, says Village Real Estate Services Realtor Virginia Degerberg.

“I remember when, if you wanted it, you better jump. Now they’re taking their time,” she says.

That situation isn’t likely to change anytime soon. Earlier this month the Federal Reserve signaled that the slow economic recovery means it probably won’t tighten credit until June 2012. In that case, interest rates won’t go up for another year.

“Buyers are not in a hurry. They’re taking their time,” Degerberg says. “At the same time, if you price a home correctly in the market, it will sell.”

Despite downward pressure from foreclosures and short sales, which can be purchased below market value, prices rose 4.3 percent in Davidson County. The average price last quarter was $192,613, compared with $184,661 last year, Chandler Reports figures show.

Foreclosures take place when the mortgage lender takes possession of the house. In a short sale, the lender lets the borrower sell the house for less than the amount of the loan and writes off the difference. Such properties are usually priced well below others in a neighborhood.

“They’re definitely keeping pressure on price,” Zeitlin & Co. Realtor Mike Nichols says.

Second quarter sales were down 12 percent in suburban Wilson County, where 508 houses were sold compared with 577 during the second quarter of 2010. In Mt. Juliet, home of the fast-growing Providence development, there were 241 sales, a decline of more than 19 percent from the second quarter of 2010 when 300 homes changed hands, the Chandler Reports survey found.

Prices were up slightly despite the decline in sales. The average second quarter 2011 price was $190,007 in Wilson County, compared with $188,431 a year ago. In Mt. Juliet the price was up almost 7 percent to $220,931. In the second quarter of 2010, the average price was $206,796.

In the comparatively strong Williamson County market, sales and prices were both up. There were 1,076 sales during this year’s second quarter, compared with 952 sales last year. That’s a 13 percent increase, according to the Chandler Reports market survey.

The average price was $366,569, a 5.5 percent increase from last year’s average price of $347,616.

With its popular public schools, shopping, restaurants and numerous corporate headquarters locations in Cool Springs and the attractions of historic downtown Franklin, Williamson County traditionally has the strongest housing market in the region.

It’s easier to sell a house in some counties, and neighborhoods, than others.

“Location, location, location,” Nichols says.

That, plus making sure the house is in top condition, he says. In the old days, buyers might make an offer knowing a home needed repairs or updates. Today, they expect the seller to take care of that.

Ehlers says he recently installed new appliances and carpet in hopes of a quick sale.

“Buyers want move-in condition, even foreclosures,” Ehlers says.

Then the price can’t be too high, Nichols adds.

“You have to have it priced right. Buyers are sophisticated,” he says. “Consumers aren’t going to overpay for a property today.”