The end of the first quarter of 2014 home sales proved to be lackluster, based on information being released by the Multiple Listing Service of the Greater Chattanooga Association of Realtors.
Closed Sales were down, slightly, by 4.8 percent, ending with 579 residential homes sold. New Listings in the Chattanooga region increased 11.6 percent to 1,208. Inventory levels shrank 2.4 percent to 4,912 units.
Prices remained determined as the Median Sales Price increased 3.8 percent to $135,000. Days on Market rose 6.3 percent to 135 days. Absorption rates slowed as Months Supply of Inventory was up 1.2 percent to 8.7 months.
President of the Greater Chattanooga Association of Realtors Vicki Trapp said, “Investor activity and cash purchases should be monitored, as well, along with any increases in new construction. Although interest rates are up slightly from their all-time lows, borrowing costs are remarkably affordable. Consumer spending has risen and claims for unemployment benefits have dropped. Positive economic health will fuel housing growth for the remainder of 2014.”