October Home Sales Indicate Increase In New Listings

  • Thursday, November 19, 2015

The October home sales report from the Greater Chattanooga Association of Realtors includes a healthy rise in new listings. 

Transitory periods in the market are common this time of year, and after a persistent period of steady year-over-year climbs in sales metrics, recent low national numbers have not fulfilled what many predicted. But on a positive note, jobless claims have also been at low levels, coming in as the lowest number since 1973.  As always, every market and situation is unique, so some numbers seen in national trends may not always line up with local markets. 

New listings in the Chattanooga region increased 8.6 percent to 1,094. Pending sales were up 4.3 percent to 709. Inventory levels shrank 28.5 percent to 4,175 units. Prices continued to gain traction. The median sales price increased 5.6 percent to $150,000. Days on market was down 28.7 percent to 72 days. Sellers were encouraged as months supply of inventory was down 37.1 percent to 5.6 months. 

Interest rates are an area to pay attention to as rate hikes are widely expected before the year ends. The Federal Reserve Bank has skipped two opportunities to raise rates this fall, but the final meeting in December will likely include a minor rate hike. Although we are headed into a slower time of year, as housing activity goes, there are still many nuggets of optimism to mine from monthly figures.

 

Real Estate
Kadi Brown: 2024 February Market Report
Kadi Brown: 2024 February Market Report
  • 3/14/2024

The housing market is showing signs of healthy activity, according to the latest report for February 2024. Existing home sales have seen a notable increase, marking the most energetic pace since ... more

Chattanooga Housing Authority Awarded $20,000 For Resilience Projects At Emma Wheeler Homes
Chattanooga Housing Authority Awarded $20,000 For Resilience Projects At Emma Wheeler Homes
  • 3/14/2024

Chattanooga Housing Authority has been awarded a grant for the Butterfly Effect Program funded in part by the Open Space Institute, in partnership with Thrive Regional Partnership and support ... more

Lookout Valley Motel Sells For $3,410,101
Lookout Valley Motel Sells For $3,410,101
  • 3/14/2024

The Super 8 by Wyndham in Lookout Valley has sold for $3,410,101. It is located at 20 Birmingham Highway. The sale was to Shivsakti Llc from B R Lookout Hospitality Llc. more