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September 16, 2008 -

The Memphis Area Association of REALTORS® (MAAR) reports that homes sales for August 2008, as recorded by Memphis-area REALTORS® in the Multiple Listing Service (MLS), totaled 1,174, down 19.8 percent from August 2007. Year-over-year median sales price declined 11.1 percent and average sales price declined 17.2 percent in August, while average days on market showed a decline from recent months. July 2008 home sales contributed $169 million to the Memphis-area economy.    
   

August Comparison
   
                                         2008                   2007             % Change
Total Home Sales            1,174                    1,463           -19.8%
Median Sales Price        $120,000            $135,000       -11.1%
Average Sales Price      $144,000           $174,000        -17.2%
Monthly Sales Volume  $169 million    $254.6 million  -33.6%
 
"While overall sales and pricing remain lower when compared to year-ago levels, August was the first time we've seen average days on market decline significantly in recent months, down from 105 days in July to 99 days in August," said MAAR President John Snyder. "Recent drops in mortgage rates on top of the first-time buyer $7,500 tax credit should provide some additional incentive to hesitant buyers who have been waiting on the sidelines."