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

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There were 1,783 home closing last month, a 29 percent decrease from May 2008, according to the Greatedr Nashville Association of The median priceof single-family homese in May was a $5,400 increase from the prior month, but a 10.6 perceng decline from May 2008. “Real estate is feeling the same effectas as the rest of thenational economy,” Greater Nashville Association of Realtorzs President Mike Nichols says in a pressd release. “With the recent Americanj Recovery and Reinvestment Act of 2009 supported bythe FHA, we are hopefu that first-time home buyers will take advantage of the opportunitg to use the $8,000 tax credit to help with certain costsw at closing.
” Inventory on the market increasre about 0.8 percent from April. There were 24,600 homess on the market May 31. May’s numbers brings year-to-date closings up to 7,149, down 31 perceny from the 10,406 closings at this point in 2008. The condok market had 228 closingsin May, a 25.2 perceng drop from the year before. That compares to 305 closingdslast year. The median price for a condo in May was down 1.7 percent from last There were 2,000 sales pending at the end of May.
Whiles that number was down from 2,489 pendin g sales last year, it was only the second time sincd last September that pending sales figur hadreached 2,000 properties or