TN: Memphis Home Prices Dropped 6.5% in July, State Down .7%

Tennessee Gay Real EstateMetro Memphis’ home prices continued to fall this summer, according to CoreLogic ‘s July Home Price Index. CoreLogic (NYSE: CLGX) said home prices in the area dropped 6.5 percent in July 2011 compared with July 2010 and fell 7 percent in June 2011 compared with June 2010.

Excluding distressed sales, prices fell 3.3 percent in July and 4.8 percent in June, compared to the year-ago months.

CoreLogic’s data shows home prices in the United States went up 0.8 percent from June to July, but were down 5.2 percent in July 2011 compared with July 2010. In June 2011, prices shrunk 6 percent compared to June 2010.

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