Memphis, Tennessee is one of the most populous cities in the state. It’s a popular tourist destination and it offers a phenomenal job market to the locals. Perhaps that’s why Shelby County’s mortgage market has been steadily improving since the start of 2016. This activity is slated to continue throughout the rest of the year.
Increasing Purchase Volume
July represents the start of the first quarter of the fiscal year, and it got off to a strong start in Shelby County’s real estate industry, which reported more than $205 million in purchase activity. In July 2015, the county saw just a little over $196 million in activity. This is despite the fact that the total July volume was lower than June’s volume. What’s more, fewer mortgages were made in July 2016 as compared to July 2015. Nonetheless, increasing home values in the area continues to spur economic growth within the real estate industry.