Home sales in Chattanooga dropped slightly in October.
Closed Sales dropped slightly by 2.3 percent, ending with 564 residential units sold. New Listings in the Chattanooga region were up 15.2 percent to 1,028. Inventory shrank 0.2 percent to 5,144 units. Prices were still a bit soft as the Median Sales Price was down 5.1 percent to $137,500. Days on Market decreased 6.6 percent to 113 days. Months Supply of Inventory was down 3.3 percent to 8.9 months, indicating that demand increased relative to supply.
GCAR President Mark Blazek said, “The economy continues to snail forward. The government shutdown had a modest impact on borrowing – mostly centered on USDA and VA borrowers. Consumer confidence is central to ongoing recovery, and confidence was hindered by the shutdown.” Blazek concluded, “Consumer spending accounts for roughly 70 percent of U.S. economic activity and impacts the likelihood for big-ticket purchases like homes and cars. Future shutdowns are unwelcome.”