Home sales were up in March, according to officials with the Greater Chattanooga Association of Realtors.
Officials said, "First, tightened inventory levels combined with strong demand are fueling price gains in many areas. Second, consumer demand is shifting from distressed properties to conventional homes. Third, record-low mortgage rates and rising rents are supporting housing recovery."
Closed Sales marched forward to the tune of 8.4% ending with 593 Residential Units sold. New Listings in the Chattanooga region were up 5.2% to 1,083. Inventory shrank 9.0% to 4,707 units.
Prices were stable, as the Median Sales Price remained flat at $130,000. Days on Market decreased 4.5% to 128 days, the 11th consecutive month of year-over-year declines. Months Supply of Inventory was down 19.2% to 8.4 months, indicating that demand increased relative to supply.
GCAR President Mark Blazek said, “On the economic front, things inched forward. We saw a minor but important upward revision to Q4-2012 GDP growth that put us back in positive territory. In the political arena, key debates over the deficit, marriage, gun law, and immigration reform and tax policy rage onward. The squeaky wheel gets the grease, and with this emerging housing recovery, there are no imminent housing-related bills. Perhaps that's a good thing.”