Memphis-area home sales for December fell 10 percent from a year ago, with 898 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Total sales for all of 2011 dropped 8.4 percent from 2010, with 12,790 recorded sales. Average sales price year-over-year was down 7.1 percent and for all of 2011 was off 2.9 percent at $125,448. Inventory was down 6.2 percent from the previous month, with 7,194 units listed for sale. Sales volume from 2010 to 2011 fell 11.1 percent to $1.6 billion.
“Obviously, the economy of the last year – unemployment continued to run high – had an impact on housing here and all across the country,” said MAAR President Carol Lott. “But the economy is starting to show some positive signs and that can only help consumer confidence.”
Source: Memphis Area Association of Realtors