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Nantucket Island Not Spared By Housing Downturn05:35
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This house in Nantucket is going up for sale in an absolute auction Tuesday — meaning it goes to the highest bidder, no matter how low the bid might be. It's a last resort effort by the owner, who has been unable to sell the house. (Courtesy of Grand Estates Auction Co.)
This house in Nantucket is going up for sale in an absolute auction Tuesday — meaning it goes to the highest bidder, no matter how low the bid might be. It's a last resort effort by the owner, who has been unable to sell the house. (Courtesy of Grand Estates Auction Co.)

The real-estate market is still tough, around the country and in Massachusetts. Single-family home sales and median home prices in the Bay State continued their decline in May, according to the latest figures from The Warren Group, making it the slowest May for home sales in almost two decades.

Even on Nantucket Island, where money tends to be flush, property sales are down nearly 20 percent. The slow market has led one homeowner to try to sell his multimillion-dollar house Tuesday in an absolute auction, at which the highest bidder gets the house, no matter how low the bid.

To find out about the event and about how Nantucket is faring in the real-estate downturn, we spoke to David Callahan, broker and owner of Jordan Real Estate on Nantucket, who is representing a potential buyer at Tuesday's absolute auction.

This program aired on July 14, 2009.

Bob Oakes Twitter Host, Morning Edition
Bob Oakes has been WBUR's Morning Edition anchor since 1992.

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