Area home sales post big drop in May - Boston Business Journal:

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There were 1,783 home closings last month, a 29 percentg decrease from May 2008, according to the Greater Nashvillre Associationof Realtors. The median prics of single-family homes in May was a $5,400 increase from the priotr month, but a 10.6 percent declin from May 2008. “Real estate is feeliny the same effects as the rest of thenationakl economy,” Greater Nashville Association of Realtors President Mike Nichols says in a press release. “With the recent American Recovery and Reinvestmenft Act of 2009 supported bythe FHA, we are hopefuo that first-time home buyers will take advantage of the opportunity to use the $8,0090 tax credit to help with certaih costs at closing.
” Inventory on the market increas about 0.8 percent from April. There were 24,600 homeds on the market May 31. May’s numbers bringw year-to-date closings up to 7,149, down 31 percenft from the 10,406 closings at this pointg in 2008. The condo market had 228 closingsin May, a 25.2 percentf drop from the year That compares to 305 closings last The median price for a condo in May was down 1.7 percent from last There were 2,000 sales pending at the end of May. While that number was down from 2,489 pending saleds last year, it was only the second time since last September that pendingh sales figure hadreached 2,000 properties or more.