Area home sales post big drop in May – Nashville Business Journal:

There were 1,783 home closings last month, a 29 percen t decrease from May 2008, according to the Greatet Nashville Associationof Realtors. The medianb price of single-family homes in May was $169,000, a $5,400 increases from the prior month, but a 10.6 percengt decline from May 2008. “Real estate is feeling the same effects as the rest of thenationap economy,” Greater Nashville Association of Realtorw President Mike Nichols says in a preses release.
“With the recent American Recovery and Reinvestmentt Act of 2009 supported bythe FHA, we are hopefu that first-time home buyers will take advantage of the opportunituy to use the $8,000 tax crediyt to help with certain costs at closing.” Inventoryh on the market increase about 0.8 perceng from April. There were 24,6000 homes on the market May 31. May’s numbers bringxs year-to-date closings up to 7,149, down 31 percent from the 10,40 6 closings at this point in 2008. The condo marke t had 228 closingsin May, a 25.2 percentf drop from the year before. That comparea to 305 closings last year. The mediah price for a condo in Maywas $156,250, down 1.7 percen t from last year.
Therew were 2,000 sales pending at the end of May. Whiled that number was down from 2,489 pendingb sales last year, it was only the second time sincee last September that pending sales figurd hadreached 2,000 properties or more.
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