July home sales rise in best performance of year

Though June is usually the busiest month for residential home sales in the Memphis market, this summer July came out on top, according to the Memphis Area Association of Realtors.

Residential home sales in Memphis in July increased by 25.6%, according to the Association. 1,592 sales were reported to the organization's Multiple Listing Service in July, compared to 1,268 home sales in the same period last year.

Association president Bob Turner says that July of 2003 saw a slight dip in sales because of the wind storm and power outages that affected many area homes and businesses. Besides that, interest rates last month were better than expected, he says.

Monthly sales volume was $267.6 million in July, an increase of 33.6% compared to $200.3 million in the same period last year. The median sales price for a home was $138,700, compared to $134,900. The number of active listings as of July 31 stood at 8,525, up from 8,285 in July 2003.

The Memphis Area Association of Realtors is Tennessee's largest real estate trade association, with more than 3,600 members in Shelby, Fayette, Tipton, Hardeman, Hardin and McNairy Counties.

The Multiple Listing Service includes listings in Shelby, Fayette, Tipton, Hardeman, Hardin, McNairy and DeSoto counties.