Home Prices Continue To Rise As New Listings Decrease, Chattanooga Association Of Realtors Reports

  • Wednesday, April 20, 2016

New listings in the Chattanooga region decreased 1.6 percent to 1,332 during March, the Chattanooga Association of Realtors reported.

Pending sales were up 22.5 percent to 991. Inventory levels shrank 19.1 percent to 3,599 units.

Officials said prices continued to gain traction. The Median Sales Price increased 1.4 percent to $147,000.

Days on Market was down 27.7 percent to 73 days.

CAR officials said, "Sellers were encouraged as Months Supply of Inventory was down 27 percent to 4.6 months.

"Employment figures are positive, wages are going up and employers are hiring. Consumers are holding for the right deal, even in the face of extremely low mortgage rates. As seller and builder confidence increases, we should see more activity in Q2 2016.

"The second quarter tends to rank as the best time to list a home for sale. But if inventory stays low, it will be difficult to sustain sales increases in year-over-year comparisons. Prices are seemingly not so high as to stall the market completely. Demand is present but an abundance of choice is not, and therein lies the rub.

"Negative housing headlines should be read with calm or skepticism, not alarm. National housing trends, like the steady rise in home prices and decline in inventory, should certainly be observed with care, but tracking wider economic conditions is also necessary. Buyers want to get into the market, but unlike the rising-price sales environment of 10 years ago, people are not diving headlong into risky mortgages or uncomfortable situations. This carefulness should be celebrated, not feared."

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