Memphis, Tenn. — The sale of new homes in Memphis is picking up, a sign that construction in the residential real estate market may be resurging after a four-year slide.
MarketGraphics of Memphis LLC, which reports housing activity three times a year, reports that between Nov. 1, 2009, and March 1, there were 398 new home starts, compared to 358 a year ago in the five-county Memphis metropolitan area.
At the same time, the gross inventory of homes has dropped 16% from its last report in November to 1,975 homes. That’s a 65% decline from March 2009.
Don Berge, president and owner of MarketGraphics of Memphis, says the numbers are clear evidence that the market is starting to lift off in terms of construction and closings compared to last year, the worst in decades.
Reported by Memphis Business Journal (04/09/2010)
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