Geoff Ramsey: National Market Overview

Friday, September 21, 2018 - by Geoff Ramsey, president, Greater Chattanooga Realtors

Related to last week’s local residential market statistics, we wanted to share the related national perspective. Nationwide, total existing-home sales did not change from the previous month and remained at a seasonally adjusted rate of 5.34 million. Nationally, home sales are now down 1.5 percent from a year ago to 5.42 million.

The national median existing home price for all housing types is up 4.6 percent to $264,800, which reflects a 78th consecutive month of year-to-year gains.

Lawrence Yun, NAR chief economist, recently observed that existing home sales appear to have hit a plateau with robust regional sales. Mr. Yun said, “Strong gains in the Northeast and a moderate uptick in the Midwest helped to balance out any losses in the South and West, halting months of downward momentum. With inventory stabilizing and modestly rising, buyers appear ready to step back into the market.” 

Inventory remains a national concern, not limited to Greater Chattanooga. Locally, inventory is down 13.2 percent, while nationally inventory remained unchanged. Days on Market across the nation is up slightly to 29 days, while in Greater Chattanooga, we’re averaging 41 days. Mr. Yun said, “While inventory continues to show modest year over year gains, it is still far from a healthy level, and new home construction is not keeping up to satisfy demand.  Homes continue to fly off the shelves with a majority of properties selling within a month, indicating that more inventory – especially moderately priced, entry-level homes – would propel sales.”

Realtors in Greater Chattanooga continue to explore ways to address the inventory shortage and work with the buyer demand for housing opportunities.

Get a more detailed look at Home Sales numbers and connect with a Realtor on www.gcar.net. Whether you’re looking to buy, sell, or simply stay in-the-know with what’s happening in Greater Chattanooga real estate, you can count on us to keep you in the loop.

 


City Council Approves PUD For Development Of Single-Family Homes At Beason Drive

Geoff Ramsey: 4 Easy-Peasy Must-Do’s For Homeowners In December

Village Of Oakbrook Hosts Community Meeting Tuesday


The City Council on Tuesday night approved a single-family home Planned Unit Development on Beason Drive after the number of units was trimmed from 64 to 51. Two acres of the 11.87-acre site ... (click for more)

In the midst of decorating, entertaining, and holiday parties, December is also a month to save. Yes, really. As the close of another year approaches, tackle these suggested four tasks from the ... (click for more)

The Scenic Land Company is inviting the community to join them on Tuesday for a presentation about the future of the Village of Oakbrook. The meeting will be held at Westview Elementary located ... (click for more)


Real Estate

City Council Approves PUD For Development Of Single-Family Homes At Beason Drive

The City Council on Tuesday night approved a single-family home Planned Unit Development on Beason Drive after the number of units was trimmed from 64 to 51. Two acres of the 11.87-acre site will be left as green space. Donna Shepherd, project engineer, said 17 percent of the site is steep slopes and much of that will not be touched. She said narrow Beason Drive will be ... (click for more)

Geoff Ramsey: 4 Easy-Peasy Must-Do’s For Homeowners In December

In the midst of decorating, entertaining, and holiday parties, December is also a month to save. Yes, really. As the close of another year approaches, tackle these suggested four tasks from the National Association of Realtors for a bright (and money-saving) new year. 1. Clean Light Bulbs and Fixtures. There are two great reasons to clean your light bulbs – you want as much ... (click for more)

Breaking News

7 People Arrested At House Where Large Quantities Of Drugs, Stolen Guns Were Found

Seven people were arrested early Sunday morning at a house off Hancock Road after a search turned up a large amount of drugs and stolen guns. Taken into custody were Jessica Brooke Stro, 27; Jennifer Allyse Gilliam, 22; Ann Marie Higgins, 31; Ashley Lynn Bush, 29; Devonte Dequan Allison, 29, and Randall Dean Leslie, 31. Also, Marcus Antuane High, 36, was one of two people ... (click for more)

Firefighters Put Out Fire At The Lantern At Morning Pointe On Shallowford Road

Shortly after noon on Sunday, Chattanooga firefighters responded to a fire at The Lantern at Morning Point, at 7620 Shallowford Road. Battalion Chief Brandon Schroyer said the firefighters located the fire in a laundry room, and with help from the facility's sprinkler system, contained the fire to that room. No injuries were reported. Chief Schroyer said part of the ... (click for more)

Opinion

Bill Bennett Was One Of The Best Gentlemen In Politics - And Response (5)

In an era of political haughtiness and ego, we should recognize the life example of public service demonstrated by Hamilton County Assessor Bill Bennett. As I told my friend Bill many times, he and former Governor Winfield Dunn were the best “gentlemen” I knew in politics. He was kind, humble and honest. To honor his legacy, we should all try to carry ourselves a little more ... (click for more)

Roy Exum: The Christmas Sheep

There are a whole lot of reasons I ought to go to hell. It is by the saving grace of an Almighty God that I already have been assured of a place in heaven but, to be real honest, I think even my eternal Savior had reason for pause when it comes to my ‘Christmas Sheep Caper.’ I believe if you recognize a wrong and ask for God’s forgiveness, things work out. But I also believe my ... (click for more)