Tennessee Home Sales Inch Upward As Prices Rise And Inventory Remains Tight

Monday, September 11, 2017 - by Phil Newman, Tennessee Realtors

n line with recent trends, home sales across Tennessee ticked up 1.9 percent (7,603 closings to 7,745) in August 2017; the median price continued rising steadily, 9.8 percent ($198,000 to $217,500); and available homes kept falling, -24.3 percent (28,635 to 21,292) over August 2016, according to data compiled by Tennessee Realtors.

 

Condo sales took a slightly different tack, falling -10.

4 percent (791 closings to 709), even as the median condo price gained +11.4 percent ($166,000 to $185,000), and inventory fell almost one-third, -32% (2,213 to 1,511) over August 2016.

 

The tables below summarize the August 2017 results in sales, price and inventory:

 

 

Aug. 2016

Aug. 2017

Change

SALES

8,394


8,454

+.7%

Residential

7,603

7,745

+1.9%

Condominium

791

709

-10.4%

 

 

Aug. 2016

Aug. 2017

Change

MEDIAN PRICE

-

-

-

Residential

$198,000

$217,500

+9.8%

Condominium

$166,000

$185,000

+11.4%

 

 

Aug. 2016

Aug. 2017

Change

INVENTORY

30,295

22,768

-25%

Residential

28,079

21,247

-24.3%

Condominium

2,216

1,521

-31.4%

 

 



Tennessee Housing Development Agency Sets New Record For Loan Production In 1st Quarter

The Tennessee Housing Development Agency just wrapped up its best March ever and its best first quarter ever for home loan production.   Tennesseans applied for $46.2 million in Great Choice Home Loans last month, a 27 percent jump over March 2017. The agency's previous record for the month of March was $44 million, set in 2008, just before the Great Recession took hold ... (click for more)

Gina Pannell Joins RE/MAX Properties As An Affiliate Broker

Gina Pannell has joined RE/MAX Properties as the newest member of its sales team. When she was young, Gina lived in Chattanooga and went to school in Apison. She said she always remembered the Chattanooga area and how beautiful it was compared to some places she had lived. She always wanted to come back to the area. As an adult, she also lived in Louisiana and North Carolina.  ... (click for more)

WACKER-Charleston Taking Initial Steps To Restart Polysilicon Production After Explosion Shut Facility Last September

WACKER-Charleston announced Thursday it has resumed operations for the production of polysilicon. Using a phase-in approach, WACKER has begun the initial start-up of the site, beginning with distillation. The initial production of polysilicon is targeted to begin in the next few weeks. WACKER anticipates the Charleston site will reach full capacity in the fourth quarter ... (click for more)

Governor, Lt. Governor Praise Work Of 110th General Assembly

Tennessee Governor Bill Haslam and Lt. Governor Randy McNally praised the work of the 110 th  General Assembly .   Governor Haslam said the legislators acted to "keep Tennessee on pace to lead the nation in jobs, education and efficient and effective government."   He said, “The investments in this budget and our legislative priorities this session ... (click for more)

Keep The Gifted Program In The Hamilton County Schools - And Response (2)

I currently have a daughter in fourth grade at Lookout Valley Elementary and a daughter in the eighth grade at Lookout Valley Middle High School. Both of my daughters are very good students, as well as being very good people. I am writing today with a concern. I was made aware that the Hamilton County Department of Education is considering cutting the gifted program ... (click for more)

Roy Exum: A True Tennessean

“Last week I told some Republican friends who have held high office, traditional and true Republicans, who like you are both conservative and compassionate, Christians in their personal faith and public service,” the email began. “These are Tennessee Republicans that I have known for decades, and whom I'd trust with my life and my wife … I told them that my views and values make ... (click for more)