Home Sales Surge In January

Thursday, February 21, 2013

In the month of January, the greater Chattanooga area saw a huge increase to Closed Sales, increasing an astounding 34% from last year’s mark, finishing at 457 residential units. New Listings in the Chattanooga region were down 3.6 percent to 960. Inventory shrank 10.3 percent to 4,499 units.

Prices rallied higher as the Median Sales Price was up 4.0 percent to $130,000. Days on Market decreased 14.0 percent to 117 days, the ninth consecutive month of year-over-year declines. Month’s Supply of Inventory was down 22.3 percent to 8.0 months, indicating that demand increased relative to supply.

Officials said, "As we take our first gentle steps into the first year of predicted housing market improvement in many years, let's look at why we're feeling bullish. Affordability is high; coupled with historically low interest rates; people are ready to lay their money down. Inventory is generally down, creating more competition among those searching for homes.

"Desire plus demand has created more frequent tickles of price rising just as foreclosures and short sales are selling through the market, becoming less of a drag on those prices. The residential real estate recovery is tentative and fragile, but it's still a recovery."


GCAR President Mark Blazek said, “It's important to watch the economy, since job growth directly fuels home purchases and since the housing industry generates jobs. The economy has added about 6.1 million jobs over the past 35 months, a sluggish but encouraging trend. Interest rates are slowly moving higher in some regions, though the affordability picture remains extremely attractive.”

 


Real Estate Transfers For July 16-22

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)

New Home Listings In Chattanooga Up 5.3%

According to the Greater Chattanooga Association of Realtors, New Listings in the Chattanooga region increased 5.3 percent to 1,361. Pending Sales were up 4.3 percent to 800. Inventory levels shrank 31.6 percent to 4,378 units. Prices continued to gain traction. The Median Sales Price increased 5.8 percent to $155,000. Days on Market was down 30.5 percent to 73 days. Sellers ... (click for more)

Thousands Line Route For Funeral Procession Of Sailor Slain In Chattanooga Shooting; Wife Sings Song At Funeral She Was Singing When They Met

Thousands of people waving flags and signs again lined the streets and highways of Chattanooga for the second of two local funerals for military personnel slain by a gunman on July 16. And at the funeral service for Petty Officer 2nd Class Randall Scott Smith, his wife, Angie, sang the song she was singing the first time they met. She said she was singing "You say it best when ... (click for more)

Chattanooga Man Who Declared He Was "An Innocent Man" On Child Pornography Charges Gets Conviction, 24-Year Sentence Overturned

The Federal Sixth Circuit Court of Appeals has reversed the conviction of a Chattanooga man who claimed at his trial and sentencing that he was wrongfully convicted by a jury of possession and distribution of child pornography. James Paul Lowe had been sentenced in May to serve 24 years in federal prison. After the sentencing, he had bid his family goodbye and told them to ... (click for more)

Chattanooga Strong

The hearts, minds and prayers of Tennesseans, and of the entire nation, have been turned toward Chattanooga this month.  We are sickened and saddened by the senseless tragedy, and we grieve for the families of the five service members who were killed, Gunnery Sgt. Thomas J. Sullivan, Sgt. Carson A. Holmquist, Lance Cpl. Squire “Skip” K. Wells, Staff Sgt. David A. Wyatt and ... (click for more)

Roy Exum: Chanie's Puzzling Poem

Ronnie Joice was in a bar in north London when he spied a poem tacked to the wall. The more he studied it, the more it revealed and, suddenly, he was floored. I don’t need to tell you it has gone viral, cheering people up particularly in England, but it is fun to know it was written by an 11 th -grader at an all-girls school in New York. Chanie Gorkin first posted it on her page ... (click for more)