MAAR Releases June Market Report

Memphis-area home sales for June rose 11.0 percent from June 2009, with 1,498 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Sales increased 4.1 percent from May. For the year, sales are up 3.9 percent compared to this point in 2009. Average sales price for the month was flat, but year-to-date sales price was 4.3 percent above 2009. Pending sales, still influenced by the tax credit ending, dropped 15.7 percent. Inventory increased 1.9 percent from May to 9,704 units listed for sale. Sales volume through the first six months of 2010 was up 8.4 percent over the same period in 2009.

June Comparison:

                               2010          2009      % Change

Total Home Sales:    1,498       1,350          11.0%

Median Price:        $100,000    $110,000      -9.1%

Avg Sales Price:    $136,462    $135,662       0.6%

Monthly Sales Vol: $204.4 mil.  $183.1 mil.   11.6%

Year-to-Date Comparison:

                             2010           2009        % Change

Total Home Sales:  7,538          7,256           3.9%

Med Sales Price:  $95,000       $85,000        11.1%

Avg Sales Price:   $127,183      $121,933      4.3%

Sales Volume:      $958.7 mil.   $884.7 mil.    8.4%

“We saw another month-to-month sales gain and that’s good,” said MAAR President Glenn A. Moore. “It’s also positive to see year-to-date home sales are up almost four percent and sales volume up more than eight percent.”