Friday, June 20, 2008

Realtors' State of Denial?

So much for the notion of "this house sells itself":

Home sales were down 28 percent in May compared with the year before, according to the Greater Nashville Association of Realtors.

The same survey showed the number of single-family homes, condos and other residential properties on the market topped 25,000 for the first time last month.

But unlike housing markets in the Northeast, the West and Florida, rising inventory and slowing sales did not translate into lower prices on Nashville's "For Sale" signs.

Instead, Realtors are counting on incentives, not slashed prices, to close the deal.

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