Home Sales In Chattanooga Rise 8.9% In May

Thursday, June 20, 2013

Home sales in May again increased, during the month of May. Once again, Closed Sales rose 8.9% topping out at 683 residential homes sold. New Listings in the Chattanooga region were up 5.6 percent to 1,146. Inventory shrank 8.1 percent to 4,876 units.  

Prices moved higher as the Median Sales Price was up 5.2 percent to $144,000. Days on Market decreased 2.4 percent to 122 days. Months Supply of Inventory was down 15.7 percent to 8.6 months, indicating that as always, demand increased relative to supply. 

Officials said, "We're halfway through the year and it seems our collective attention has shifted from monitoring price and sales gains to eagerly anticipating more new listing activity on the part of sellers. This shift is the result of an imbalance between strong demand for homes and constrained supply. In some markets, purchase agreements are being written up directly after a showing. Your experience and local market conditions may differ, but the market as a whole has summertime heat."

GCAR President Mark Blazek added, “Interest rate risk is back in the headlines after Fed chief Ben Bernanke's latest testimony on Capitol Hill. The Federal Reserve Bank is considering decreasing its $85 billion a month bond asset purchases, which have been holding interest rates at or near historic lows. This is mostly the result of an improving jobs market, which is a good thing for real estate.”

Source: 10k Research and Marketing


Developer Asks To Use Freight Containers As Buffer, Storage Units At St. Elmo Development

A developer is asking to be allowed to use freight storage units as a buffer and for storage at a St. Elmo development. The townhouse project is at the north end of St. Elmo Avenue behind Southern Saddlery. Collier Construction made the request, which must receive City Council approval. The buffer would be from a nearby railroad. The freight storage units would go along ... (click for more)

Corker Applauds CFPB Decision To Reopen Mortgage-Disclosure Rule

U.S. Senator Bob Corker, a member of the Senate Banking Committee, on Thursday applauded the decision by the Consumer Financial Protection Bureau to reopen its new Truth in Lending Act-Real Estate Settlement Procedures Act Integrated Disclosure rule for public comment.  Senator Corker sent a letter to CFPB Director Richard Cordray in March requesting increased clarity regarding ... (click for more)

Cleveland City Schools Announces 5 Finalists For Director Of Schools

The Cleveland City Schools Board of Education announced the five finalists for the director of schools position.   The community is invited to attend the Board of Education interview session each day 6-8 p.m. at Mayfield Elementary School, 501 20 th Street NE, Cleveland. A complete schedule is attached.   Candidates:   Wednesday, ... (click for more)

Expansion By Developers Of McCallie Commons Would Raze 3 Old Houses On Oak Street

Developers of the McCallie Commons student housing at McCallie and Central are wanting to expand the project, but it would involve tearing down three old homes on Oak Street. The proposal from developer David Hudson would be an expansion of the four-story apartment building and separate parking garage with 300 parking spaces proposed that was approved earlier. The original ... (click for more)

Marvelous News From Central High School

To Roy Exum:     With all the recent news of major dysfunctions within our educational system, I thought I might alert you to something better. About a year ago you ventured up Highway 58 to Central High School to represent your late grandfather, Roy McDonald, as he was honored as a Distinguished Alumnus during the annual Senior Day festivities. I sort of expected ... (click for more)

Roy Exum: Yes, A Social Experiment

JoeySalads, his screen name, is widely known for his funny pranks except for the fact he calls them “social experiments.” So while we are still on the transgender-restroom issue, our boy JoeySalads got a transgender friend to approve his attire before he tried his luck at entering women’s restrooms. I don’t think you’ll be real surprised at what really happened in this video. Click ... (click for more)