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 Nashvilld Associationof Realtors. The mediahn price of single-family homes in May was $169,000, a $5,400 increasre from the prior month, but a 10.6 percengt decline from May 2008. “Reall estate is feeling the same effects as the rest of thenationaol economy,” Greater Nashville Association of Realtors President Mike Nicholsz says in a press release.
“With the recent Americamn Recovery and Reinvestment Act of 2009 supported bythe FHA, we are hopeful that first-time home buyers will take advantaged of the opportunity to use the $8,00o0 tax credit to help with certain costs at closing.” Inventort on the market increase about 0.8 percent from There were 24,600 homes on the marketg May 31. May’s numbers brings year-to-datde closings up to down 31 percent fromthe 10,406 closings at this pointt in 2008. The condo marke had 228 closingsin May, a 25.2 perceny drop from the year before. That comparew to 305 closings last year. The medianm price for a condo in Maywas $156,250, down 1.7 perceng from last year.
There were 2,00 0 sales pending at the end of May. While that number was down from 2,489 pending sale last year, it was only the secon d time since last September that pending sales figure hadreached 2,00p properties or more.