Memphis Home Sales Update

After uplifting results in the second quarter of the year, July home sales fel flat with only 1,161 homes sold, down 21% from July 2009 and down 26% from the prior month.
On a positive note, bank sales were down 33% from July 2009 and down 23% from June. Only 359 bank sales were recorded for the month of July. This drop in bank sales is a large portion of the drop for the entire month of July.
New Memphis Home sales were up 11% with 98 closed in July compared to 88 closed in July 2009.
Foreclosures were down for the month with 437 recorded, an 18% decrease from July 2009. There was a decrease in foreclosure notices as well, down 30% from the prior year.
While this report may appear to be a negative indicator for the Memphis homes Market, total sales revenues are still up 3% for the first 7 months of this year compared to 2009.