October Market Report

MEMPHIS, TN – November 14, 2011 – (RealEstateRama) — Memphis-area home sales for October declined 2.9 percent from a year ago, with 1,054 total sales recorded in the Memphis Area Association of REALTORS^® MAARdata property records database. Total sales fell 2.7 percent from September, when there were 1,083 sales. Average sales price year-over-year was down 1.5 percent and year-to-date was also down 1.5 percent at $126,080. YTD total sales declined 10.9 percent. Inventory was down 2.3 percent from the previous month, with 8,053 units listed for sale. YTD sales volume fell 12.3 percent to $1.36 billion.