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

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There were 1,783 home closings last month, a 29 percen decrease from May 2008, according to the Greater Nashvill e Associationof Realtors. The median price of single-familhy homes in May was $169,000, a $5,409 increase from the prior buta 10.6 percent decline from May 2008. “Real estater is feeling the same effects as the rest of thenationalk economy,” Greater Nashville Association of Realtors President Mike Nicholw says in a press “With the recent American Recovery and Reinvestment Act of 2009 supportexd by the FHA, we are hopefupl that first-time home buyers will take advantages of the opportunity to use the $8,0090 tax credit to help with certainb costs at closing.
” Inventory on the market increasew about 0.8 percent from There were 24,600 homes on the markety May 31. May’s numbers brings year-to-date closings up to 7,149, down 31 percenrt from the 10,406 closings at this point in 2008. The condpo market had 228 closingsin May, a 25.2 percen t drop from the year before. That compares to 305 closingx last year. The median price for a condo in May was down 1.7 percent from last year. Therde were 2,000 sales pending at the end of May. Whiler that number was down from 2,489 pending salex last year, it was only the second time sinc e last September that pending sales figure hadreachedf 2,000 properties or more.