Like all across the country, Memphis-area home sales for July sharply declined in the wake of the federal tax credit’s expiration. Sales decreased 28.7 percent from July 2009, with 995 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Sales were down 33.6 percent from June. Median sales price, however, is up 5.6 percent compared to this point in 2009. Average sales price for the year is 2.4 percent higher than in 2009. Inventory from June to July was flat, with 9,720 units listed for sale. Overall sales volume through the first seven months of 2010 was also flat, at $1.1 billion.
Historical home sales statistics are located at
www.maar.org/marketreports.
“Every market in the country experienced a decline due to the end of the tax credit,” said MAAR President Glenn A. Moore. “Fortunately in our market, values are higher than they were a year ago.”
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