I’m tracking data for many local markets around the U.S. I think it is especially important to watch inventory this year.
From the Memphis Area Association of REALTORS®:
Closed sales (existing Single and condo) in July 2021 were 2,300, up 20.9% from 1,903 in July 2020.
Active Listings in July 2021 were 2,514, down 14.4% from 2,938 in July 2020.
Inventory in July was up 12.1% from the previous month, and up 27.2% from the record low in February 2021.