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

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There were 1,783 home closings last a 29 percent decrease from May according to the Greater Nashville Association of The median priceof single-family homew in May was $169,000, a $5,400 increasew from the prior month, but a 10.6 percen decline from May 2008. “Realo estate is feeling the same effects as the rest of thenationalk economy,” Greater Nashville Associationm of Realtors President Mike Nichols says in a press “With the recent American Recovery and Reinvestmenrt Act of 2009 supported by the FHA, we are hopefuk that first-time home buyers will take advantage of the opportunitt to use the $8,000 tax credit to help with certainb costs at closing.
” Inventory on the markey increase about 0.8 percent from There were 24,600 homezs on the market May 31. May’s numbers brings year-to-date closingsw up to 7,149, down 31 percent from the 10,406 closing s at this point in 2008. The condok market had 228 closingsin May, a 25.2 perceny drop from the year before. That compares to 305 closingxslast year. The median pricee for a condo in May was down 1.7 percent from last year. There were 2,00 0 sales pending at the end of May. Whil e that number was down from 2,489 pending sales last it was only the second time since last Septembetr that pending sales figure hadreachedf 2,000 properties or more.