September Home Sales Increase 2 Percent

VOL. 126 | NO. 197 | Monday, October 10, 2011

By Sarah Baker

Updated 4:33PM

September 2011 saw an improvement in home sales, though not as impressive as the third quarter?s totals.

Home sales in Shelby County totaled 1,073, representing a 2 percent boost from 1,053 in September 2010. Last month?s totals were also a 13 percent decrease from 1,229 in August. Home sales averaged $125,469, a 1 percent dip from $126,446 in September 2010.

Total sales volume in September reached $134.6 million, a 2 percent jump from $133 million in September 2010, but a 13 percent decrease from $166 million in August.

Like Q3, last month?s bank sales declined. September?s 258 bank sales marked a 25 percent drop-off from September 2010?s 346 sales and were 21 percent lower from August?s 327.

Foreclosure sales in the county averaged $69,998 ? up 4 percent from the prior month ? and totaled $18 million.

Meanwhile, nonbank sales in September totaled 815 ? a 15 percent increase from 707 year over year ? but a 10 percent dip from August?s 902 sales. Traditional sales averaged $143,029 last month and reached $116.6 million in total sales volume.

Existing home sales totaled 1,006 in September, a 4 percent decrease from September 2010 and a 13 percent increase from August. Home sales in the category averaged $119,032 and totaled $119.7 million.

On the other hand, new home sales totaled 67 in September, down 23 percent from 87 during the same month a year ago. New home sales averaged $222,110 and totaled $14.9 million.

The highest producing ZIP in September was a tie between Arlington?s 38002 and Cordova North?s 38016, with 66 sales each. Cordova North was also the highest producing for bank sales, with 23 averaging $108,300 and totaling $2.5 million.

Year to date, Shelby County has seen 550 new home sales, down 32 percent from 813 during the previous year-to-date period.

Source: http://www.memphisdailynews.com/news/2011/oct/10/september-home-sales-increase-2-percent/

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