Home Prices And Sales Rise In July

Tuesday, August 26, 2014

Although low supply and tight credit standards are still hurdles to recovery, prices continue to rise in most local areas. Job growth has strengthened lately, but wage growth has not kept pace with the price gains we have seen.

 

Buoyed by stable and continuously lower interest rates, affordability is still historically high yet below its all-time peak.

Rising inventory levels will lead to more choices for qualified buyers, but as the summer reaches toward fall, the prospect of more homes coming on the market begins to wane.

 

Closed Sales rose 6.3 percent, closing with a total of 714 residential units sold. New Listings in the Chattanooga region decreased 8.9 percent to 1,115. Inventory levels shrank 4.5 percent to 5,321 units. Prices forged onward.

 

The Median Sales Price increased 1.6 percent to $155,000. Days on Market were down 0.8 percent to 118 days. Absorption rates improved as Months Supply of Inventory was down 2.1 percent to 9.2 months.

 

Vicki Trapp, president of the Greater Chattanooga Association of Realtors said, “The U.S. Department of Commerce reported that GDP grew at a 4.0 percent annual rate in the second quarter and that the first quarter was less bad than previously thought. Consumer spending in the first quarter rose 2.5 percent, which is encouragingly in tandem with savings rates.“

 

Ms. Trapp concluded, “Increased consumer spending means more demand for goods and labor; increased savings rates means more resources for down payments. With rates still low, rents still rising and private job growth accelerating; it's becoming more and more difficult to side with those who are chronically negative about the housing market.”

 

 

 


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)

2 Officers Testify That Miller Sped Toward Them In Vehicle; Woman Describes Frightening Carjacking

Two Chattanooga Police officers testified Tuesday that James Bryan Miller drove an SUV directly toward them, and both said they expected to be hit in an Aug. 1 incident in which Miller at one point drove north in the southbound lanes of I-75. Investigator Ty Cooper said he was bracing to have Miller ram into his police vehicle in reverse at a house on Watts Avenue, but he said ... (click for more)

Committee To Try To Reach Consensus On The Location Of The Planned Charles H. Coolidge Medal of Honor Heritage Center

In partnership with Chattanooga City Councilman Jerry Mitchell and Retired Major General Bill Raines, the Medal of Honor Heritage Center on Tuesday announced the formation of a special ad hoc committee that will develop a list of consensus recommendations for the proposed Charles H. Coolidge Medal of Honor Heritage Center. The committee, which is composed of local business ... (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: Why I Adore America

If Heather Cross weren’t married and didn’t have such a fine-looking family I’d swear I might propose. The dazzling lady just wrote a “By Gumbo! letter” to all the major news outlets in the world to inform them that half of the Pelican State is still submerged by “a 1,000-year flood” and where the heck are they with their cameras? She knows it is vital for the rest of America to ... (click for more)