Area home sales post big drop in May - Pittsburgh Business Times:

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There were 1,783 home closings last a 29 percent decrease fromMay 2008, according to the Greaterd Nashville Association of Realtors. The median price of single-family homea in May was a $5,400 increase from the prior buta 10.6 percent decline from May 2008. “Real estat is feeling the same effects as the rest of the national economy,” Greater Nashville Association of Realtors President Mike Nichols says in a pressd release. “With the recent American Recoveryh and Reinvestment Act of 2009 supportee bythe FHA, we are hopeful that first-timr home buyers will take advantage of the opportunity to use the $8,00p0 tax credit to help with certain costas at closing.
” Inventory on the market increase abougt 0.8 percent from April. There were 24,60o homes on the market May 31. May’d numbers brings year-to-date closings up to down 31 percent fromthe 10,4067 closings at this point in 2008. The condko market had 228 closingsin May, a 25.2 percentf drop from the year That compares to 305 closings last 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 pending salesa last year, it was only the secondc time since last September that pending sales figuree hadreached 2,000 properties or