Home Prices On The Rise In August

Wednesday, September 19, 2012

Home prices were on the rise in August.

GCAR President Mark Hite said, "As the school-aged among us work their way back into classrooms across America, we continue to monitor key improvements in the local housing market with a keener eye. With two-thirds of 2012 complete, we're getting a sense of some solid trends that are developing."

August saw the sale of 655 residential units, a 7.6% increase from last year’s numbers. That represents the 10th month in a row there ha been an increase in sales of residential properties.  Overall, inventory available for sale shrank 13.8 percent to 4,944 units, which is a trend that has been consistent for the last 12 months, despite new listings coming to market being up 15% in August.

Another developing trend can be found in the median sales price of homes, which sold.  Prices were up in comparison to August last year by 5.6 percent to $136,250. This is the sixth month this year where the median price has increased.  The Days on Market decreased 6.7 percent to 125 days (this is how long it took the average home to sell last month). Months Supply of Inventory was down 21.5 percent to 9.5 months, indicating that demand increased relative to supply, which is another positive trend.

Mr. Hite said, “With election season in full swing, both politicians and economists will place extra emphasis on jobs and unemployment figures. Recognizing the relationship between jobs and housing demand, the most tuned-in agents and brokers will do the same. The truth is, the economy is and has been expanding consistently for years, albeit at a disjointed pace. There's reason for optimism going into the last third of 2012 and even into 2013, and housing is actually playing a large role in that positive outlook.”


Real Estate Transfers For Nov. 6-12

NOTICE: The Hamilton County Register’s Office did not publish this data. All information in the Register’s Office is public information as set out in T.C.A. 10-7-503. For questions regarding this report, please call Chattanoogan.com at 423 266-2325. GI numbers, listed when street addresses are not available, refer to the location of transactions (book number and page number) ... (click for more)

Neighbors Want Signed Covenant On Restrictions For Issa Project On East Brainerd Road

Neighbors said they want a signed covenant on agreed restrictions for a $25 million development by Bassam Issa on a large tract at East Brainerd Road and Ooltewah-Ringgold Road. Mark West, a neighbor leader, said the agreement was hammered out after 16 meetings between the developer and the group. However, he said many of the restrictions were not included in the resolution ... (click for more)

Grote Hall At UTC Campus Closed Due To Sinkhole

A sinkhole has prompted UTC officials to close off access to Grote Hall. Grote Hall employees have been told they do not need to report to work on Monday. Classes that are held in Grote Hall are called off for Monday. All other classes and campus activities are on for Monday. (click for more)

Bradley County Police Investigating Shooting; Victim Dies

The Bradley County Sheriff’s Office is investigating a shooting that occurred in the area of Georgetown Road. The sheriff's office said Sunday night that the victim had died. The victim's name has not yet been released.  A BCSO officer was waved down at the intersection of 25 th Street and Peerless Road by the driver of a vehicle who told the officer a gunshot victim ... (click for more)

Don't Be Quick To Discard Common Core

Let's not be too quick to discard Common Core. A recent article in the Tennessean on  Sunday detailed Common Core successes the Kingsport, Tennessee school system.  I encourage you to read it.  The article also noted that Tennessee was recently ranked as one of the fastest improving states in education after implementing portions of the Common Core curriculum ... (click for more)

Roy Exum: Our Tubman Goat-Roping

Every spring there comes a bright day on the ranch when the straw-boss decrees a goat-roping should take place. What really happens is the veteran cowboys arm the greenhorns with some lariats late in the afternoon and take them to the pen that holds some Billy goats. This is before they get into bigger beasts -- horses and cattle – yet what appears to be easy most certainly is not. ... (click for more)