The housing market is being predictable, and that is a good thing. At the beginning of the year, it was anticipated that the prevailing trends of the past year would continue into and through 2016, and that has largely been the case.
The number of homes for sale has generally remained lower compared to a year ago, and prices have been steadily rising in desirable communities where homes show well.
New Listings in the Chattanooga region decreased 4.5 percent to 1,358. Pending Sales were up 15.9 percent to 992. Inventory levels shrank 19.9 percent to 3,604 units. Prices were a tad soft. The Median Sales Price decreased 2.1 percent to $148,750. Days on Market was down 22.0 percent to 71 days. Sellers were encouraged as Months Supply of Inventory was down 27.0 percent to 4.6 months.
There have been no striking changes to curtail what should be a decent run of home sales over the next several months. Mortgage rates have remained stubbornly and wonderfully low, the unemployment rate has remained at or near 5.0 percent for eight straight months and wages have increased for a great many people. New construction has been slow, and that may be a damper on sales, but the general outlook remains strong.