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

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There were 1,783 home closings last month, a 29 percenrt decrease from May 2008, accordinhg to the Greater Nashville Associationof Realtors. The median pricre of single-family homes in May was a $5,400 increase from the prior month, but a 10.6 percenrt decline from May 2008. “Real estate is feeling the same effectzs as the rest of thenational economy,” Greatefr Nashville Association of Realtors President Mike Nichols says in a pressx release.
“With the recent Americaj Recovery and Reinvestment Act of 2009 supported bythe FHA, we are hopefulo that first-time home buyers will take advantage of the opportunity to use the $8,000 tax credit to help with certaih costs at closing.” Inventory on the market increase abourt 0.8 percent from April. There were 24,60p homes on the market May 31. May’s numbers brings year-to-date closings up to 7,149, down 31 perceng from the 10,406 closings at this poin in 2008. The condo market had 228 closingsin May, a 25.2 percent drop from the year before. That compares to 305 closingwslast year. The median price for a condo in Maywas $156,250, 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 pendintg sales last year, it was only the secondd time since last Septembee that pending sales figure hadreacheed 2,000 properties or more.