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. 13-19

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)

Habitat For Humanity Of Greater Chattanooga Area Launches New Volunteer Initiative

Habitat for Humanity of Greater Chattanooga Area rely solely on volunteers to help them build decent, energy efficient, and affordable homes for working families enrolled in the nonprofit’s homeownership program, officials said. On any given weekend, one may find civic, corporate, student, or church groups volunteering on the Habitat for Humanity’s work sites. The most popular day ... (click for more)

Mayor Berke, Lacie Stone Were At Swanky New York City Hotel While Bobby Stone Was Plying The River

Mayor Andy Berke's top advisor Lacie Stone accompanied him on a trip to New York City on April 12-13 and they ended up at a swanky spot where Ms. Stone's husband, Bobby, had taken her before. They sat at the Stones' favorite table.   Bobby Stone, who has accused his wife of having an affair with the mayor, has said that Lacie Stone told him that she and the mayor kissed ... (click for more)

Fire Displaces Family Of 7; Blaze Ruled Accidental

No injuries were reported in connection with a house fire on Saturday afternoon that displaced a family of seven. The Chattanooga Fire Department received the alarm at 4:11 p.m. and responded to 3308 Dodson Ave. with five fire companies. Captain Wadie Suttles with Engine 4 said heavy fire was showing when the first firefighters arrived on the scene. As additional firefighters ... (click for more)

Please, No Short Term Vacation Rentals In My Neighborhood

Approval of the short term vacation rental item on the City Council agenda for Tuesday  will be the next step toward commercializing our residential properties and communities to benefit those more interested in making money than preserving an old, well-established, rich community of like-minded families.    Anything requiring a business license is ... (click for more)

Roy Exum: A Vol Is Worth $521,854

The definition for the term “fair market value,” this from the IRS tax code, “is the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts.” So a recent article in Business Insider has just revealed a University of Tennessee scholarship ... (click for more)