According to the latest report by the National Association of Realtors, existing home sales in Tennessee were down 11.3% in the third quarter of 2007 as compared to 2006.

It could have been a lot worse, though. Tennessee ranks almost exactly in the middle (25th place) in terms of sales decline. Nevada (-35%), Florida (-32%), Arizona (-31%), Maryland (-29%), and California (-28%) were hardest hit by ongoing problems in the housing market.

Tennessee was better off as compared to the overall U.S. decline (-13.7%) and the South regional decline (-14.3%).

In terms of median home prices, Knoxville area home prices were up 3.2% in the Knoxville area, down 2.1% in the Chattanooga area, and down 2.8% in the Memphis area. Figures for Nashville were not available.

Condo prices were up 10.1% in the Knoxville area, probably owing to intense condo development taking place downtown. Figures for other areas were not available.