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Memphis area home sales rose more than 10 percent from September to October, according to the Memphis Area Association of Realtors.

“The impending Nov. 30 deadline for the first-time home buyer tax credit helped push buyers into the market in October, which registered the largest gain in sales so far this year,” association president Jon Albright said in a prepared release.

Home sales numbered 1,349 in October, compared with 1,220 in September.

Even though sales were down 2 percent compared to October 2008, that’s the smallest year-over-year drop so far in 2009.

House prices continued to rise compared to last year.

The average sales price in October was $126,405, compared to $121,154 in October 2008.

There were 1,751 pending sales in October, down from the 1,766 pending sales in October 2008.

And the inventory of homes dropped by 1.5 percent the previous month, to 9,375 units for sale in October.

“Now that the tax credit has been extended and expanded to include qualified existing homeowners who have a purchase contract in place by April 30, 2010, we are hopeful we will see continued strength in local sales over the next few months,” Albright said.

Total sales so far for 2009 stood at $1.62 billion by the end of October, compared to $2.07 billion for first 10 months of 2008. That’s a 21.5 percent drop.

The 4,000-member real estate association compiles data on all property transactions for Shelby, Fayette, Tipton, Hardeman, Hardin, McNairy and Lauderdale counties, in Tennessee, DeSoto County in Mississippi and Crittenden County in Arkansas.

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