Memphis Sees Downturn In September Condo Sales, Prices

October 20, 2008 9:37 a.m. EST

Memphis, TN (AHN) - Downtown Memphis condo sales dropped in September and the price units sold for also dropped, compared to September sales last year.

Six units sold for an average price of $186,000 each, compared to 11 units last year, which sold for an average $218,000.

But that might change because Realtors say interest in the Memphis real estate market is growing.

Realtor.com figures show that search activity for real estate listings in the Memphis MSA was up by 17.5 percent compared to September 2007, the Memphis Business Journal reported.

In the meantime, the National Association of Realtors' chief economist says the housing market has a mixed outlook as projections call for fewer potential buyers in the southern region of the United States.

Factors contributing to a slow market include the tightening U.S. credit market, along with a pessimistic attitude among potential buyers, the association said in a statement last week.