Housing market stabilizing, improving in Shelby Co. - Action News 5 - Memphis, Tennessee

Housing market stabilizing, improving in Shelby Co.

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MEMPHIS, TN -

(WMC-TV) - The Memphis housing market has stabilized and is improving, according to Shelby County Trustee David Lenoir.

So what is causing the improvement?

One of Lenoir's duties is to make forecasts based upon business trends, economic conditions, and population changes. He says the housing market in Shelby County is up 10 to 15 percent compared to 2008, when the housing market crashed.

"Things are probably up 10 to 15 percent from a price perspective," said Lenoir. "The residential housing market has improved. There has been fewer houses and some demand is starting to come back. So inventory of existing houses has shrunk which has helped stabilize prices."

Perhaps some of you have seen improving and stabilized prices in your neighborhood, but Lenoir was quick too add that it does not mean we are out of the woods just yet.

"I think it is a soft bounce and I am concerned about, is it sustainable? Will it continue?" said Lenoir.

The factors he and his staff are looking at now are median homes sales and if they are up from month to month and year to year. They are also watching the same trends in commercial sales.

Shelby County mirrors the national trend, in fact, it is even is a little better, but it is unclear how long it will last. Nonetheless, the news Monday is positive.

"It's a look back, so it won't help us as far as this year is concerned but it does give us some hope," added Lenoir.

Hope in an improving housing market and in turn, hope in improving the overall economy.

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