The latest report from the Memphis Area Association of Realtors shows year-to-date sales dropped 6% from 7,992 to 7,516, and monthly sales volume fell 5.2% from $2.11 billion to $2 billion.
MAAR President Greg Renfrow said it is unclear exactly why sales have seen a slight dip. But he said the market changes yearly and buyers should not worry.
“(The market) is giving buyers more choices,” Renfrow said. “We are seeing a larger inventory out there and home prices are pretty stable.”