Area home sales post big drop in May - New Mexico Business Weekly:

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There were 1,783 home closings last a 29 percent decrease fromMay 2008, accordin g to the Greater Nashville Association of The median price of single-family homes in May was a $5,400 increase from the prior month, but a 10.6 perceny decline from May 2008. “Real estate is feelin the same effects as the rest of thenationakl economy,” Greater Nashville Association of Realtors Presidentg Mike Nichols says in a press release. “Wit the recent American Recovery and Reinvestment Act of 2009 supportes bythe FHA, we are hopeful that first-timde home buyers will take advantage of the opportunity to use the $8,000p tax credit to help with certain costs at closing.
” Inventory on the markey increase about 0.8 percent from April. There were 24,600 homea on the market May 31. May’s numbers brings year-to-datee closings up to 7,149, down 31 percent from the 10,406 closings at this point in 2008. The condo market had 228 closingsin May, a 25.2 percengt drop from the year That compares to 305 closings last The median price for a condo in May was $156,250, 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 sales last it was only the second time since last Septemberf that pending sales figure hadreachexd 2,000 properties or more.