Home sales down in Memphis area

From The Memphis Business Journal:


November home sales down

The Memphis Area Association of Realtors said Friday that 1,369 homes were sold during November, down from 1,427 in November 2005.

"Despite the sales decrease in November, year-to-date home sales of 18,343 and sales volume of $3.17 billion keep 2006 on track to exceed 2005's record-breaking totals," MAAR said in a statement.

The average home price was $170,000 in November, a decline of 2 percent from November 2005.
"For those who might be unsure of current economic conditions, there couldn't be a better time than now to buy a home in the Memphis area," said MAAR President William Mitchell in a statement. "With our market's long track record of steady and measured increases in property values, the historically low mortgage rates, and the good supply of homes available, buyers have a unique opportunity now invest in their future."

The Memphis Area Association of Realtors is Tennessee's largest real estate trade association with 5,000 members in Shelby, Fayette, Tipton, Hardeman, Hardin and McNairy counties. The data were collected from Shelby, Fayette, Tipton, Hardeman, Hardin, McNairy and DeSoto counties.