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."


Alexander Says “Blacklisting” Regulations Will Bury Contractors Under Mountains Of Paperwork

Senate labor committee Chairman Lamar Alexander on Wednesday made the following statement on the administration’s release of its final “blacklisting” regulations implementing the president’s 2014 executive order: “These regulations will bury federal contractors and subcontractors under mountains of paperwork and then prevent some from getting work for a labor violation they ... (click for more)

Foreclosure Odds Drop 42% With THDA Homebuyer Education, Officials Say

A first-of-its-kind study uses THDA home loan data to identify the impact of homebuyer education classes on default and foreclosure rates.   The new study shows the odds of foreclosure were 42 percent lower among participants in THDA's down payment assistance program who completed a homebuyer education (HBE) class compared to participants who did not.   THDA began ... (click for more)

TBI Adds Jereme Little To Top 10 Most Wanted; Was Set Free By Judge Stern And Then Higher Court Overruled Her

The Tennessee Bureau of Investigation has added to its ‘Top 10 Most Wanted’ list Jereme Dannuel Little, who was freed by order of Criminal Court Judge Rebecca Stern, whose decision was recently reversed. Little is wanted by the Chattanooga Police Department and the Tennessee Bureau of Investigation for especially aggravated kidnapping. The TBI said, "Little has a history of ... (click for more)

Gaines Charged In Assault On Ex-Wife, MLK Boulevard Barber

Eric Lee Gaines has been arrested for an assault on his ex-wife and a well-known MLK Boulevard barber. Gaines, 33, of 2803 Curtis St., was charged with disorderly conduct, domestic assault, assault, burglary of a business, public intoxication and retaliation against an officer. In the incident on Thursday, police were summoned to MLK Boulevard on an intoxicated individual. ... (click for more)

Proud To Be A Conservative Conservationist

I was born and raised in Chattanooga and was brought up to be a Tennessee conservative. That means that my family conserved our spending, our resources, and yes, even our environment.  I think we were inspired to do so because Tennessee is one of the most beautiful places in the entire United States. We have stunning mountains, wild rivers and quiet backcountry. And many of ... (click for more)

Roy Exum: Georgia’s Weak Attacked

The United States Attorney’s Office and our nation’s Justice Department just thrust an unwelcomed spear into the heart of the state of Georgia. And while I am scared to death the same war party is now headed into Tennessee and other states, I wish the DOJ had stopped in Chattanooga for lunch and a quick visit at our Orange Grove Center before filing last Tuesday’s lawsuit against ... (click for more)