Area home sales post big drop in May - San Francisco Business Times:

viktorsejbgif.blogspot.com
There were 1,783 home closings last a 29 percent decrease fromMay 2008, accordin to the Greater Nashvillr Association of Realtors. The mediah price of single-family homes in May was $169,000, a $5,409 increase from the prior month, but a 10.6 percenr decline from May 2008. “Real estate is feelingv the same effects as the rest of thenationap economy,” Greater Nashville Associationj of Realtors President Mike Nichols says in a press release.
“With the recent American Recoveruy and Reinvestment Act of 2009 supportedc bythe FHA, we are hopefuol that first-time home buyers will take advantage of the opportunityt to use the $8,000 tax credift to help with certain costs at closing.” Inventory on the marketf increase about 0.8 percent from April. There were 24,600 homesz on the market May 31. May’sd numbers brings year-to-date closings up to 7,149, down 31 percentf from the 10,406 closings at this poin t in 2008. The condo market had 228 closingsin May, a 25.2 percentr drop from the year before. That comparee to 305 closings last year. The median price for a condo in Maywas $156,250, down 1.
7 percent from last There were 2,000 sales pendinb at the end of May. While that numbef was down from 2,489 pending salese last year, it was only the secon time since last September that pending salesd figure hadreached 2,000 properties or more.