Memphis-area home sales for May climbed 6.8 percent from a year ago, with 1,389 total sales recorded in the Memphis Area Association of REALTORS MAARdata property records database. Existing home sales rose 7.8 percent from 2010. Total sales increased 3.7 percent from April when there were 1,339. Average sales price year-over-year was off 4.8 percent at $122,074; that represented a 6.4 percent increase from April. Year to date, total sales were down 13.7 percent. Inventory was flat, with 8,638 units listed for sale. YTD sales volume declined 16.3 percent to $643.7 million.
“Monthly sales volume showed slight improvement, so that’s a positive going forward,” said MAAR President Leon Dickson. “Total sales increased again and average sales price was up from April, but still a little behind this time last year.”