Home Sales Report For April

Friday, May 23, 2014

The public has finally grown used to talk of a real estate market in recovery. With prices going up, people are starting to wonder if a new bubble is forming. Most metropolitan markets are somewhere between recovery and normalization. Supply is still tight but improving in some areas. What housing really needs is further job and wage growth to support healthy demand levels fueled by new household formations.

New Listings in the Chattanooga region decreased 5.2 percent to 1,121. Pending Sales were down 43.2 percent to 400. Inventory levels shrank 3.3percent to 4,990 units.

Prices remained determined. The Median Sales Price increased 11.4 percent to $149,900. Days on Market was up 2.4 percent to 129 days. Absorption rates slowed as Months Supply of Inventory was up 2.3 percent to 8.9 months.

Officials with the Greater Chattanooga Association of Realtors said, "April's job growth was above expectations. Growth is likely to accelerate through the year, but the types of jobs being created is also important. We're producing more low-wage jobs as opposed to high-wage jobs. That's not conducive to increasing the number of potential buyers. It also means less disposable income sloshing around. Even so, some local markets may pause but are unlikely to falter thanks to suppressed supply levels and an improving sales mix. Don't confuse temporarily weak demand indicators for stagnation."


Chattanooga Recognizes National Fair Housing Month In April

The City of Chattanooga is recognizing Fair Housing Month through a number of activities that promote equal housing for everyone .  The Office of Multi-Cultural Affairs and the Office of Economic and Community Development are collaborating with the Greater Chattanooga Association of Realtors, Legal Aid of East Tennessee and Chattanooga Neighborhood Enterprises to encourage ... (click for more)

Chattanooga Neighborhood Enterprise Offers Refinancing On 30-Year FHA Mortgages Granted After April 18, 2011

Chattanooga Neighborhood Enterprise now offers refinancing on all 30-year Federal Housing Administration mortgage loans granted after April 18, 2011. The news comes following the White House decision in January to reduce the annual FHA mortgage insurance premiums from 1.35 percent to 0.85 percent. Borrowers are estimated to save roughly $900 annually with the new rates. ... (click for more)

Family Escapes Sunday Morning Blaze

A Chattanooga family was getting ready for church Sunday morning when they heard a loud pop on the back side of the house. The pop they heard was apparently a window busting from intense flames on the outside of the house. Larry Erskine, his wife Nicole, and their two-year-old daughter got out of the house without injury and called 911.  The Chattanooga Fire Department received ... (click for more)

Firefighters Respond To 2 Kitchen Fires

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Finley Stadium Needs To Grow Up - And Response

RE:  Finley Stadium Financial Picture Rosy; Beer And Alcohol Sales Approved; AstroTurf Almost Ready and City, County Pitching In $250,000 Each For New Finley Stadium AstroTurf I read a story here five days ago about a rosy future for Finley stadium. It lead me to believe that the stadium was making money and even improvements with donations.  Then we get a short ... (click for more)

Roy Exum: The Sunday Funnies

They say March roars in like a lion and leaves like a lamb. So as you reach for your lambs-wool sweater on this last Sunday of the month, allow me to lighten up a bit with a new edition of my Sunday Funnies. I have a delightful crowd that keeps me supplied in jokes and these are some of the best that have come my way: A WOMAN'S PERFECT BREAKFAST -- She's sitting at the table ... (click for more)