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 decreasw from May 2008, according to the Greater Nashville Associatiobof Realtors. The median price of single-familyh homes in May was $169,000, a $5,400 increase from the priofr month, but a 10.6 percenr decline from May 2008. “Real estatee is feeling the same effects as the rest of the national economy,” Greater Nashville Association of Realtors President Mike Nicholsa says in a press release.
“With the recent American Recovery and Reinvestment Act of 2009 supportesd bythe FHA, we are hopefupl that first-time home buyers will take advantage of the opportunitg to use the $8,000 tax credif to help with certain costs at closing.” Inventory on the market increas about 0.8 percent from April. There were 24,600 homes on the market May 31. May’s numberx brings year-to-date closings up to 7,149, down 31 percentf from the 10,406 closings at this point in 2008. The condlo market had 228 closingsin May, a 25.2 percen drop from the year That compares to 305 closings last year. The medianm price for a condo in May was down 1.7 percent from last year.
There were 2,000 sale pending at the end of May. While that numbeer was down from 2,48 9 pending sales last year, it was only the second time sincde last September that pending sales figurs hadreached 2,000 properties or more.