February Home Sales Up from January, Down from 2008

Market Statistics/Performance, News Add comments

MAAR released the February Home Sales Report today showing an increase in sales from January but a decline from February 2008. Other data from February:

  • Pending sales up 8.2% from January
  • Inventory down slightly from January, down 15.3% from February 2008 and down 23.6% from the peak in July 2007
  • Foreclosures up from January but down 14.5% from February 2008

Lower interest rates and the first-time buyer tax credit are likely behind the jump in pending sales and we hope to see that trend continue as we get into the typically busier spring an summer months. It also supports the anecdotal feedback we’ve heard from REALTORS® that they’re seeing more interest from buyers in recent weeks.

The continued decline in inventory is good news as well, though we’re still a bit removed from the more balanced inventory of 8,000 units that we’d like to see.

Posted by Scott Sherrin at 3:55 pm

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One Response to “February Home Sales Up from January, Down from 2008”

  1. Larry Mayall Says:

    Seems to me that the emphasis should be on realistic, even rational, press information which accurately provides the current conditions but focuses on the future. I think most consumer readers who following housing reports would be conflicted to read MAAR press releases and area Fed Beige Book economic reports, just as one example. Truth is housing in the Memphis market area is in a funk. Many real estate agents, seasoned and beginners, have been devastated. Everyone knows that. It isn’t a matter of the glass being half full or half empty. The future will bring a recovery. When we don’t know. To use up and down statistics on a monthly basis isn’t helping when those numbers are used to paint a glass half full. One point that isn’t even acknowledged with the inventory figures referenced is that the biggest influence is probably the foreclosure moratorium since before Thanksgiving. The trend is what it is. Not fun. Not good for any of us.

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