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 Oct. 5-11

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)

Sales Dip, Prices Rise, Inventory Tightens In September

Single-family home sales in Tennessee decreased a modest -2.7 percent in September (7,021 closings to 6,834), the median price rose +14 percent ($193,000 to $220,000), and available inventory fell -23.1 percent (27,450 to 21,097) over September 2016, according to data compiled by Tennessee Realtors.   Condominium statistics showed sharper changes, as condo sales dropped ... (click for more)

County Commission Votes 7-2 For Rezoning For C&D Landfill At Harrison

The County Commission on Wednesday voted 7-2 to approve rezoning for a Construction and Debris landfill at Harrison.  Voting in favor were Greg Beck, Warren Mackey, Sabrena Smedley, Greg Martin, Tim Boyd, Randy Fairbanks and Jim Fields.   Opposed were Chester Bankston and Joe Graham.  Commissioner Boyd said it was just the first step in permitting for ... (click for more)

Chattanooga Airport To Go "Off The Grid" After Final Phase Of Solar Panel Installations

The Chattanooga Airport is embarking on the third and final phase of its solar farm, which when completed will allow the Airport to "go off the grid." John Naylor, Airport vice president, said, "This will give us all the power we need to run the Airport." He said EPB will assist with installation of a power storage unit and a micro-grid controller to make the change-over possible. ... (click for more)

Vote No On The Rezoning For A New Landfill In Harrison - And Response (3)

County Commissioners, please consider the following facts when voting on the rezoning request for a new privately-owned C&D landfill in Harrison.  Use of this property for a landfill has been rejected by the county three times in the past (1971, 1984 and 2007).  In 1971 and 2007 the County Commissioners unanimously rejected the proposal.  In 1984 the ... (click for more)

Roy Exum: ‘Mom Don’t Have…I Do’

It’s hard to know what goes through the mind of a five-year-old, particularly one who watches her mom go in and out of jail due to drug addiction. But little Sunshine Oelfke is obviously being raised right by her grandmother because the other morning, the five-year-old came into the kitchen before leaving for kindergarten with a baggie full of coins from her piggy bank. “I asked ... (click for more)