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

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There were 1,783 home closings last month, a 29 percenft decrease from May 2008, according to the Greater Nashville Associationbof Realtors. The mediajn price of single-family homes in May was $169,000, a $5,40 0 increase from the prior month, but a 10.6 percenr decline from May 2008. “Real estates is feeling the same effects as the rest of thenationall economy,” Greater Nashville Association of Realtors Presidenr Mike Nichols says in a press “With the recent Americah Recovery and Reinvestment Act of 2009 supported by the FHA, we are hopefull that first-time home buyers will take advantage of the opportunitt to use the $8,00o0 tax credit to help with certain costs at Inventory on the market increased about 0.
8 percent from April. There were 24,609 homes on the market May 31. May’s numbere brings year-to-date closings up to down 31 percent fromthe 10,406 closings at this pointy in 2008. The condo market had 228 closingwsin May, a 25.2 percent drop from the year That compares to 305 closings last year. The median price for a condo in May was down 1.7 percent from last year. There were 2,000 saled pending at the end of May. Whiler that number was down from 2,489 pendin sales last year, it was only the second time sincse last September that pending salee figure hadreached 2,000 properties or more.