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.”


Chattanooga Recognizes National Fair Housing Month In April

The City of Chattanooga is recognizing Fair Housing Month through a number of activities that promote equal housing for everyone .  The Office of Multi-Cultural Affairs and the Office of Economic and Community Development are collaborating with the Greater Chattanooga Association of Realtors, Legal Aid of East Tennessee and Chattanooga Neighborhood Enterprises to encourage ... (click for more)

Chattanooga Neighborhood Enterprise Offers Refinancing On 30-Year FHA Mortgages Granted After April 18, 2011

Chattanooga Neighborhood Enterprise now offers refinancing on all 30-year Federal Housing Administration mortgage loans granted after April 18, 2011. The news comes following the White House decision in January to reduce the annual FHA mortgage insurance premiums from 1.35 percent to 0.85 percent. Borrowers are estimated to save roughly $900 annually with the new rates. ... (click for more)

Robber Is Shot By Victim In Attempted Robbery On East 43rd Street

One person was shot during a robbery attempt at 4314 Rossville Blvd. around 1:50 p.m. on Thursday.  The Chattanooga Police Department is investigating the robbery that ended in a shooting near East 43rd St. at Miller Auto Sales.  The robbery victim shot the suspect.  The suspect was taken to the hospital for treatment of injuries. Chattanooga ... (click for more)

Fire On Crutchfield Street Ruled Arson

Chattanooga fire investigators have determined that last Thursday’s fire at 1207 Crutchfield St.  that nearly killed four people was deliberately set. Lt. Henry McElvain with the Fire Investigation Division said he cannot divulge the reason why he thinks it’s arson, but he is asking for help from the public. If anyone has information that can help solve this case, call ... (click for more)

The Problems With Prescription Drug Addiction

In Tennessee today, we have a major problem with prescription drug addiction, particularly when powerful opioid pain relievers are concerned.    For the first time in 2012, Tennesseans abused prescription opioid drugs more than alcohol.  Our young people ages 18-25 abuse prescription opioids at a 30 percent higher rate than the national average.  In just five ... (click for more)

Roy Exum: The Hillman Of Bihar

In the year of our Lord, 1927, there was a very poor child born to a very poor family in a very poor place. His name was Dasrath Manjhi and he was a native of the Musahar community somewhere in India. We know he had no education and, as a member of the lowest Hindu scheduled castes, he didn’t have a cut dog’s chance from the very get go. But after spending considerable time in ... (click for more)