MAAR Releases August Market Report

Memphis-area home sales for August increased 14.2 percent from July with 1,136 total sales recorded in the Memphis Area Association of Realtors MAARdata property records database. Sales declined 6.3 percent from August 2009. Total homes sales for the year dropped 2.4 percent, but average sales price for 2010 was 1.4 percent higher than at this point in 2009. Inventory from July to August stayed flat with 9,620 units listed for sale. Overall sales volume through the first eight months of 2010 was $1.2 billion.

“Sales gained some momentum from July to August,” said MAAR President Glenn A. Moore. “Although total home sales are down slightly, average price is still ahead of 2009.”