Home Sales Dip In August

Thursday, September 19, 2013

Strong demand for a limited supply of homes for sale has seemingly outweighed higher mortgage rates, at least for the time being. The idea that mortgage rates may rise further is likely spurring some of this demand. The dream of homeownership is very much intact, but buyers should be prepared with competitive offers, since every measure of market health is pointing upwards.

New Listings in the Chattanooga region were down 2.8 percent to 1,037. Closed Sales dropped slightly by 4.1% closing at 652 residential units. Inventory shrank 2.9 percent to 5,149 units. Prices moved higher as the Median Sales Price was up 6.7 percent to $144,000. Days on Market decreased 4.0 percent to 120 days. Months’ Supply of Inventory was down 8.2 percent to 9.0 months, indicating that demand increased relative to supply.

Greater Chattanooga Association of Realtors President Mark Blazek said, "Eyes continue to fixate on the Federal Reserve and its policy inclinations related to stimulus tapering. Labor market growth is positive but still tepid. Things like gas prices, stock market shifts and global economics have a tendency to sway consumer sentiment. At the moment, U.S. housing continues to be a bright spot."



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