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 June 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)

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Smith Denies He Told Young To Shoot Holsey In North Chattanooga Drug Deal That Cost A Life; Asks Jury To Spare Him Life Sentence

Briston "B.J." Smith told a Criminal Court jury on Friday afternoon that he never ordered Adram "A.B." Young to shot Charles "Chas" Holsey in a North Chattanooga drug deal that cost a life. Smith, who was 18 at the time and is now 20, asked the jury not to put him behind bars for life. The state is seeking a life sentence (51 years) on a first-degree felony murder charge. ... (click for more)

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Exempt Volunteer Fire Departments From Procurement Policies - And Response

The Hamilton County Commission just grouped a bunch of departments together in an attempt to reign in the CVB. I haven't spoken to any commissioners, but I truly believe it was unknowingly. By mandating that all non profits that receive 25 percent of their revenue follow county procurement policies, they might as well have padlocked all local volunteer fire departments. We expect ... (click for more)

Roy Exum: The Saturday Funnies

I am constantly amazed by the many emails that I receive every day. Quite curiously, I get a heavier load than I would ever have thought because the big search engines on the Internet send my Chattanoogan.com stories far and wide. Even the local ones on the Chattanooga area bring comments and I am deeply flattered. I try to read them and lament I haven’t the time to respond the ... (click for more)