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.”


Chattanooga Collaborative Senior Housing Concept Presented Thursday

The Chattanooga Collaborative Senior Housing concept was presented outlining a model for a shared lifestyle in an urban setting to a group of senior citizens at the Mean Mug Coffeehouse on Thursday.  The group seeks additional seniors (55 and up) to join with them in establishing a model in Chattanooga that encourages community engagement and longer life by design.  “What ... (click for more)

Bi-Lo Shopping Center On Lee Highway Sold For $8.9 Million

The Bi-Lo shopping center at 6951 Lee Hwy . has been sold for $8,943,471. The sale is to Spirit Master Funding Ix Llc from Bi Chattanooga Portfolio Lp. The center, which is anchored by a Bi-Lo grocery, is at the corner of Shallowford Road.  (click for more)

Downtown Chattanooga Apartment Complex Fetches $15 Million

Walnut Commons, the first downtown apartment complex built in many years, sold for $15 million, one of the developers said. John Clark said the initial estimate on the project was $11 million and it wound up costing around $12 million to build. "We're very pleased with the sale," he said. Mr. Clark, along with partners David Hudson and Bob McKenzie, are selling their stock ... (click for more)

Hamilton County Principal Ronald Hughes Named Tennessee's 2014-15 Principal Of The Year

A Hamilton County elementary school principal and an Anderson County supervisor have earned top honors for their work in Tennessee education. Ronald Hughes, principal of Apison Elementary School in Chattanooga, was named Tennessee’s 2014-15 Principal of the Year. He has served as principal at Apison Elementary for the past six years, and spent three decades working in Tennessee ... (click for more)

Congratulations To Ron Hughes

Hearty congratulations to Ron Hughes for being selected as Tennessee State Elementary Principal of the Year for 2014. Wherever Ron has been assigned as principal, he has exhibited strong leadership both academically and morally. His faith in God and his love for the students of Hamilton County have guided his actions and everyone that has benefited from the excellent education ... (click for more)

Roy Exum: Brittany’s Days Dwindle

So here we are, facing what is known as “Devil’s Night” before Halloween comes, and the almost macabre news now comes that Brittany Maynard, the beautiful girl who has chosen to end her life as soon as Saturday, is struggling to meet her own deadline. She has inoperable brain cancer and, at best, only months to live. The 29-year-old, who was married shortly before her devastating ... (click for more)