Editor’s note: This updated version corrects the year-ago month to January 2011, instead of 2010.

Memphis-area home sales last month rose 12.3 percent compared to January 2011, with 850 total sales recorded in the Memphis Area Association of Realtors property database.

But total sales fell 5.3 percent from December.

The average sales price year-over-year fell 7.1 percent to $113,270.

Inventory slipped 5.1 percent from the previous month, with 6,828 units listed for sale.

Sales volume climbed 4.3 percent to $96.3 million compared to January 2010.

“It’s nice to see sales up more than 12 percent from this time last year,” MAAR president Carol Lott said.

“Hopefully, there is some momentum beginning to build as buyers recognize the good opportunities out there.”