November Home Sales Report

Monday, December 17, 2018 - by Geoff Ramsey, president, Greater Chattanooga Realtors
The booming U.S. economy continues to prop up home sales and new listings in much of the nation, although housing affordability remains a concern. Historically, housing is still relatively affordable. Although Freddie Mac recently reported that the 30-year fixed rate is at its highest average in seven years, reaching 4.94 percent, average rates were 5.97 percent ten years ago, 6.78 percent 20 years ago and 10.39 percent 30 years ago. Nevertheless, affordability concerns are causing a slowdown in home price growth in some markets, while price reductions are becoming more common.
 
New Listings in the Chattanooga region decreased 6.3 percent to 849, and despite this drop New Listings are up 3.1 percent year-to-date.
Pending Sales were up 1.5 percent to 678. Inventory levels shrank 5.9 percent to 2,889 units.
 
Prices continued to gain traction. The Median Sales Price increased 6.2 percent to $190,000. Days on Market was down 14.0 percent to 49 days. Sellers were encouraged as Months Supply of Inventory was down 7.9 percent to 3.5 months.
 
The Bureau of Labor Statistics recently reported that the national unemployment rate was at 3.7 percent. Low unemployment has helped the housing industry during this extensive period of U.S. economic prosperity. Home buying and selling activity relies on gainful employment. It also relies on demand, and builders are showing caution by breaking ground on fewer single family home construction projects in the face of rising mortgage rates and fewer showings.

Minor Home Repair Program To Kickoff Monday

Crye-Leike Welcomes Realtor Wendy Story

Crye-Leike Broker Susan Barnette Earns Commitment To Excellence Endorsement


The city of Chattanooga’s Department of Economic and Community Development will kick off its Minor Home Repair Program on Monday. The program assists low-income households in all nine City ... (click for more)

Crye-Leike Real Estate Services announces that Wendy Story is now affiliated with Crye-Leike’s Ooltewah branch office as a licensed realtor. Ms. Story will serve the residential real estate needs ... (click for more)

Crye-Leike Real Estate Services announces broker and Career Development Director Susan Barnette has earned the Commitment to Excellence (C2EX) endorsement from the National Association of Realtors. ... (click for more)


Real Estate

Minor Home Repair Program To Kickoff Monday

The city of Chattanooga’s Department of Economic and Community Development will kick off its Minor Home Repair Program on Monday. The program assists low-income households in all nine City Council districts with minor home repairs that address code violations and/or home repairs related to the health and safety of the property owners. Last year, the city received 229 applications ... (click for more)

Crye-Leike Welcomes Realtor Wendy Story

Crye-Leike Real Estate Services announces that Wendy Story is now affiliated with Crye-Leike’s Ooltewah branch office as a licensed realtor. Ms. Story will serve the residential real estate needs of buyers and sellers in Hamilton, Bradley and Sequatchie Counties. Ms. Story is a member of the National Association of Realtors and is an active member in her community. Ms. Story ... (click for more)

Breaking News

Police Charge Jason Ansley In Wreck On Main Street In Which 9-Year-Old Boy Was Killed; Going 62 MPH In 35 MPH Zone

Chattanooga Police have arrested 38-year-old Jason Ansley in a June 7 wreck on Main Street in which 9-year-old Liam Haddock was killed and two other family members injured. Police said it was determined that Ansley was traveling 62 mph in a 35 mph zone and he was caught on video running a red light at S. Orchard Knob just prior to the 9:08 p.m. crash. Police said Ansley, who ... (click for more)

Smedley, Bankston Say They Are No Votes On Property Tax Increase

Two County Commission members on Monday told members of the Pachyderm Club that they are no votes on a property tax increase. Sabrena Smedley, who currently chairs the commission, said there are a number of unanswered questions about the school system, including how the latest test scores will turn out and how much in repairs the schools will face under a new study. She said ... (click for more)

Opinion

Why I Support Funding The Proposed Budget

Dear Commissioners of Hamilton County, I attended the District 3 community meeting with Commissioner Greg Martin and School Board Chairman Joe Wingate, who was filling in for District 3 Rep. Joe Smith. Commissioner Martin stated he had not made up his mind on how to vote for the tax increase at that time. He requested thoughtful input on why the citizens of his district wanted ... (click for more)

Roy Exum: VW Needs Big Repairs

The banner headline on Monday morning read, “Gov. Lee, top Republicans celebrate failed UAW bid to unionize Volkswagen,” and that’s the second-worst thing that the headline could have said. The worst, of course, is if the UAW had won, and the Detroit-based union that lost 35,000 members last year would be revived -- breaking a hole into the tight wall of foreign-owned auto assembly ... (click for more)