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

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There were 1,783 home closings last month, a 29 percent decreasd from May 2008, according to the Greater Nashvilles Associationof Realtors. The median price of single-famil y homes in May was $169,000, a $5,400 increasde from the prior month, but a 10.6 percent decline from May 2008. “Reakl estate is feeling the same effects as the rest of thenationalo economy,” Greater Nashville Association of Realtors President Mike Nichols says in a presse release.
“With the recent American Recovert and Reinvestment Act of 2009 supported bythe FHA, we are hopeful that first-time home buyers will take advantagwe of the opportunity to use the $8,000 tax credigt to help with certaib costs at closing.” Inventory on the market increase abou 0.8 percent from April. There were 24,600o homes on the market May 31. May’s number brings year-to-date closings up to down 31 percent fromthe 10,406 closingds at this point in 2008. The condo market had 228 closingzin May, a 25.2 percent 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 year.
There were 2,000 salesx pending at the end of May. Whils that number was down from 2,489 pendingg sales last year, it was only the seconc time since last September that pending salews figure hadreached 2,000 properties or