MAAR: October home sales down 18.7%
Memphis Business Journal
The Memphis Area Association of Realtors reported 1,020 homes sales in October, down 18.7% compared to 1,255 homes sales last October.
The average sales price for October was $136,000, down 8.1% compared to $148,000 in October 2007.
The monthly sales volume for October was $138.7 million, down 25.3% compared to $185.7 million last October.
Active listings continued to decline, sliding 5.2% from September 2008 and 13.7% from October 2007.
“Despite a moderation in sales decline last month, October sales showed continued softness compared to October 2007,” MAAR president John Snyder said in a statement. “Inventory continues to decline, however, which should help bring us closer to a more balanced market.”
MAAR data includes listings from the Multiple Listings Service in Shelby, Fayette, Tipton, Hardeman, Hardin, McNairy, Haywood, Lauderdale and DeSoto counties.
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