Memphis-area home sales for September dropped 9.7 percent from August with 1,026 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Sales were down 15.9 percent from August 2009. Total home sales for the year dropped 4 percent, but average sales price for 2010 was 0.5 percent higher than at this point in 2009. Inventory from August to September decreased 2.3 percent with 9,399 units listed for sale. Overall sales volume through the first nine months of 2010 was almost $1.4 billion.
Historical home sales statistics are located at www.maar.org/marketreports.
“With the summer ending and school starting back up it’s not surprising to see a decline,” said MAAR President Glenn A. Moore. “It is encouraging, however, that new home sales increased about 6 percent from the same point in 2009.”
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