Home Sales Rise In July

Wednesday, August 21, 2013

It won't be long before the housing recovery is simply referred to as housing. Institutional and cash buyers have effectively priced themselves out of the market. During the downturn, these groups purchased much inventory. Now that prices are rising, there's less incentive for these kinds of buyers, yet affordability for consumers remains attractive.

Closed sales rose 1.3 percent from last year’s number, topping out at 645 residential units sold. New listings in the Chattanooga region were up 20.4 percent to 1,223. Inventory shrank 1.3 percent to 5,243 units.

Prices moved higher as the median sales price was up 8.5 percent to $153,500. Days on market decreased 7.9 percent to 117 days. Months supply of inventory was down 8.0 percent to 9.2 months, indicating that demand increased relative to supply.

GCAR President Mark Blazek added, “With mortgage rates slightly up but relatively low by historic standards, the Fed has indicated no change in monetary policy based on a moderately paced economic expansion.  Although the unemployment rate remains a factor to watch, the housing recovery continues to plug along, helping the greater economy with flourishing activity in sales and prices.  Housing has made a positive contribution to real GDP growth for 11 consecutive quarters.”



Real Estate Transfers For Aug. 10-16

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)

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Habitat for Humanity of Greater Chattanooga Area has appointed the following industry leaders to its Board of Directors:  Catharine Bahner Daniels, owner of Plum Nelly Shop & Gallery; Derrick DePriest, senior vice president at Atlantic Capital Bank; Randy Drummer, CPA and partner of Henderson Hutcherson and McCullough, PLLC; Mark Hite, owner of Mark Hite Team ... (click for more)

Girlfriend Says Wright Was Driving Her PT Cruiser When He Left With Pair Whose Bodies Were Found At Cemetery

The girlfriend of William Howard Wright testified Tuesday that Wright and "Little Tony" were with two youths whose bodies were afterward found in a cemetery at Shepherd. General Sessions Court Judge Clarence Shattuck bound two counts of criminal homicide and especially aggravated robbery to the Grand Jury against Wright. A 17-year-old is facing similar charges. The girlfriend ... (click for more)

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Is This Really About Slavery?

The greatest thing that came out of the American Civil War came after the cessation of hostilities. After four years of deadly, devastating, agonizing war and over 600,000 Americans had died, the armies came to a halt. The killing ended, but the suffering continued for many of the wounded and those whose homes and fortunes had gone up in smoke and been left as rubble. ... (click for more)

Roy Exum: Ordinary To Extraordinary

A handsome black guy, from the looks of it still in high school, appeared in a video during the A Celebration of Valor luncheon at the Chattanooga Convention Center Tuesday afternoon and described a Medal of Honor winner. Easily over 500 were there, including our famed Charles Coolidge, and all heard this young achiever say, “A Medal recipient is an ordinary person who performs ... (click for more)