More on Q2 Housing Market

Here’s some telling data that didn’t make into Monday’s Shelby County home sales story.

Not only did average home sales in June dip 4 percent to $128,566 from $133,531 in June 201, but a staggering 54 percent of all home sales were sold for under $100,000.

The largest home sale was for a property located on Grandview Ave. The 5,300-square-foot home closed on June 1st for $962,500.

It’s not a surprise that the Obama administration and the U.S. Housing and Urban Development announced a pilot program on Monday, July 11, that sets out to help trigger economic growth and recovery in some of the nation’s hardest hit cities – Memphis included.

The program will partner federal officials with local decision-makers in six cities to seek ways to revive the cities and its urban centers. The other cities are Detroit; Chester, Pa.; Fresno, Calif; Cleveland; and New Orleans – all selected on the basis of economic need, potential for economic growth, and geographic diversity.

The process will involve creating “Community Solutions Teams,” made up of employees from various different federal agencies – such as the Small Business Administration, and the Labor, Transportation and Commerce Departments. Those national experts will then partner with local officials to address the top economic concerns mayors in each city have identified, obtain federal funds and leverage local and regional resources.

“Too often, the federal government has been part of the problem, rather than part of the solution,” HUD secretary Shaun Donovan said at a Monday press conference.