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There were 1,783 home closings last a 29 percent decrease fromMay 2008, accordingb to the Greater Nashville Associatiom of Realtors. The median price of single-family homexs in May was $169,000, a $5,400p increase from the prior month, but a 10.6 percenr decline from May 2008. “Real estate is feeling the same effect s as the rest of thenational economy,” Greater Nashvillw Association of Realtors President Mike Nichols says in a pressw release.
“With the recent American Recoverhy and Reinvestment Act of 2009 supported bythe FHA, we are hopefull that first-time home buyerxs will take advantage of the opportunity to use the $8,00 0 tax credit to help with certain costes at closing.” Inventory on the market increasr about 0.8 percent from April. Ther were 24,600 homes on the market May 31. May’s numbersa brings year-to-date closings up to down 31 percent fromthe 10,406 closings at this point in 2008. The condo market had 228 closingxin May, a 25.2 percent drop from the year before. That comparess to 305 closingslast year. The medianj price for a condo in May was down 1.
7 percent from last There were 2,000 sales pendinh at the end of May. While that numberf was down from 2,4890 pending sales last year, it was only the second time sincd last September that pending sales figure hadreached 2,00p0 properties or more.
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