Area home sales post big drop in May - Puget Sound Business Journal (Seattle):

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There were 1,783 home closings last a 29 percent decrease fromMay 2008, according to the Greatere Nashville Association of Realtors. The median pricr of single-family homes in May was $169,000, a $5,4000 increase from the prior buta 10.6 percent decline from May 2008. “Reakl estate is feeling the same effects as the rest of thenational economy,” Greate r Nashville Association of Realtors President Mike Nichols says in a pressa release. “With the recentr American Recovery and Reinvestment Act of 2009 supported bythe FHA, we are hopeful that first-time home buyers will take advantage of the opportunitt to use the $8,000 tax credit to help with certain costas at closing.
” Inventory on the market increase about 0.8 percent from There were 24,600 homes on the market May 31. May’xs numbers brings year-to-date closingw up to 7,149, down 31 percent from the 10,4056 closings at this point in 2008. The condo market had 228 closingsin May, a 25.2 percent drop from the year That compares to 305 closingws last year. The median price for a condp in Maywas $156,250, down 1.7 percentt from last year. Therr were 2,000 sales pending at the end of May. Whilr that number was down from 2,489 pendinyg sales last year, it was only the secone time since last September that pending saleas figure hadreached 2,000 properties or more.