There were 1,783 home closings reported for the month of May, according to figures provided by the Greater Nashville Association of REALTORS®. This figure represents a 28.9 percent decrease compared with 2,508 closings in May of 2008.

Year-to-date closings are down compared to last with year with 7,149. That is a 31.2 percent decrease compared to the 10,406 closings reported through May 2008.

“My home sales are consistent with what we have seen throughout all of 2009 ,” said GNAR President Mike Nichols. “Real estate is feeling the same effects as the rest of the national economy. With the recent American Recovery adn Reinvestment Act of 2009 supported by the FHA, we are hopeful that first-time homebuyers will take advantage of the opportunity to use the $8,000 tax credit to help with certain costs at closing. And, as more potential buyers become aware of this significant help, some of them will take seriously the opportunity to purchase a homein what are really very favorable conditons and act now. ”

A comparison of sales by category for May is:

There were 2,000sales pending at the end of May, compared with 2,489 pending sales at this time last year.  The average number of days on the market for a single-family home was 92 days.

The median residential price for a single-family home during May was $169,900 and for a condominium it was $156,250.  This compares with last year’s median residential and condominium prices of $189,975 and $159,000, respectively.

Inventory at the end of May was 25,096, down from 24,598 in 2008. The current inventory of properties by category, compared to last year, is:

“This is the first time since September of last year that we have seen pending sales at the 2,000 level ,” Nichols added.  “For buyers, this is a very important time. Many factors remain in their favor with interest rates low, inventory plentiful and even support from government programs. However, those factors will not remain that way indefinitely. If interest rates increase, that could add significantly to the cost of a home. So, acting now would be to their advantage. For sellers, making their homes attractive and pricing them properly is critical to getting them sold.“

The Greater Nashville Association of Realtors® is one of Middle Tennessee's largest professional trade associations and serves as the primary voice for Nashville-area property owners and real estate professionals. REALTOR® is a registered trademark which may be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict Code of Ethics.