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 March 8-14

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)

RE/MAX Renaissance Realtors Of Hixson Hosts Ribbon-Cutting

RE/MAX Renaissance Realtors of Hixson hosted a ribbon-cutting ceremony and open house on Tuiesday sponsored by the Chattanooga Chamber of Commerce.  Over 100 members from the business community and public were on hand to celebrate. Business owners Frances Vantrease and Beth Dodson welcomed the guests and thanked the community for their past support.  Ms. Dodson said, ... (click for more)

Driver Crashes Into Forgotten Child Fund Building

T he Forgotten Child Fund building on East Main Street suffered an estimated $70,000 when a car crashed into it early Sunday morning. The driver in the wreck was arrested. Officials of the fund had to shut off electricity and water to the building. The fund provides presents to needy children at Christmas. (click for more)

Severe Storms Possible On Monday

The Chattanooga area could see severe storms on Monday. Here is the Hazardous Weather Warning from the National Weather Service: Severe Thunderstorms Possible late Monday and Monday Evening... ...Rain Changing to Snow Showers across the Higher Elevations Tuesday Night through Wednesday Night... Another storm system will move across the Southern Appalachian Region on Monday ... (click for more)

Why Are Pictures Of Our President And Vice President Not Hanging At Our Federal Courthouse?

I would like to know why the pictures of our President and Vice President have not been hung in our Federal Courthouse. They have been approved by the White House. Every time I call they tell me they are on order. Tommy Fryar (click for more)

Roy Exum: Battling The Beggars

The revelation that Chattanooga Police Chief David Roddy wants to crack down on the city’s panhandlers is every bit as refreshing as the beautiful jonquils now bursting forth across our city. In a recent poll on Chattanoogan.com, over 80 percent of those who live here indicated they are scared to go downtown and that is inexcusable. This is no way for anyone to live. But I can ... (click for more)