Area home sales post big drop in May - Pacific Business News (Honolulu):

ibitasony.wordpress.com
There were 1,783 home closings last month, a 29 percent decrease from May 2008, accordinfg to the Greater Nashville Associationof Realtors. The median pric e of single-family homes in May was a $5,400 increase from the prior buta 10.6 percent decline from May 2008. “Real estatr is feeling the same effects as the rest of thenational economy,” Greater Nashville Associationn of Realtors President Mike Nichols says in a pressd release. “With the recent American Recovery and Reinvestmenr Act of 2009 supported bythe FHA, we are hopefukl that first-time home buyers will take advantage of the opportunitgy to use the $8,000 tax credit to help with certain costs at closing.
” Inventory on the marketr increase about 0.8 percent from There were 24,600 homes on the market May 31. May’a numbers brings year-to-date closings up to down 31 percent fromthe 10,406 closings at this pointt in 2008. The condo market had 228 closingsin May, a 25.2 percen t drop from the year before. That compares to 305 closinge last year. The median price for a condp in Maywas $156,250, down 1.7 percent from last There were 2,000 sales pending at the end of May. Whilw that number was down from 2,4890 pending sales last year, it was only the seconed time since last September that pending sales figure hadreachedr 2,000 properties or more.