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.

 


Real Estate Transfers For April 11-17

March Housing Market Statistics

ALCO Management Receives Proclamation Honor For Bayberry Apartments


NOTICE: The Hamilton County Register’s Office did not publish this data. All information in the Register’s Office is public information as set out in T.C.A. 10-7-503. For questions regarding ... (click for more)

Nationally, increasing housing prices and housing affordability remained a concern in many markets, but locally sales prices and inventory levels remained steady. One big takeaway from March ... (click for more)

ALCO Management, Inc. announced city officials have presented a City Proclamation to Bayberry Apartments. The City Proclamation was presented to Bayberry Apartments for the property’s “shining ... (click for more)


Real Estate

Real Estate Transfers For April 11-17

NOTICE: The Hamilton County Register’s Office did not publish this data. All information in the Register’s Office is public information as set out in T.C.A. 10-7-503. For questions regarding this report, please call Chattanoogan.com at 423 266-2325. GI numbers, listed when street addresses are not available, refer to the location of transactions (book number and page number) in ... (click for more)

March Housing Market Statistics

Nationally, increasing housing prices and housing affordability remained a concern in many markets, but locally sales prices and inventory levels remained steady. One big takeaway from March is the sharp increase in people listing their property for sale. New Listings in the Chattanooga region increased 8.2 percent to 1,282. Pending Sales were up 8 percent to 1,084. ... (click for more)

Breaking News

County School Supt. Bryan Johnson Submits Budget That Requires A Tax Increase

County School Supt. Dr. Bryan Johnson said Thursday he is submitting a budget that is $34 million above the projected revenue. Asked where the $34 million would come from, Dr. Johnson said it would be "up to the funding body." If approved by the County School Board, the school board would go to the County Commission requiring a sizable tax increase. Dr. Johnson said he ... (click for more)

Chattanooga Red Wolves Investing $125 Million In East Ridge For Stadium, Mixed-Use Development

Chattanooga Red Wolves SC will build a state-of-the-art, soccer-specific stadium in East Ridge as part of a mixed-use development with living, working and entertaining opportunities. On Thursday, team owner Bob Martino presented renderings and the layout for the area, which will include the first-class professional stadium, housing, retail, restaurants, a hotel and significant greenspaces ... (click for more)

Opinion

How Many Downtown Condos Do We Need?

Just how many downtown apartments and condos do we need? Where are the people coming from to live in these expensive places? It takes a roommate to be able to afford even a cheap downtown space and we continue to build more and more expensive housing. Just from driving around downtown and looking at all the buildings my estimate is about 60-70 percent are vacant buildings. ... (click for more)

Roy Exum: She’s A Grand Ol’ Flag - And PaCharley Hicks Goes Home

Every rule carries its own exemption and, while the Supreme Court protects those who burn our nation’s flag under the First Amendment (you cannot deny freedom of speech), I believe there needs to be a harsh exception made in our love for “Ol’ Glory.” Thousands of Americans gave their lives for the flag, easily the most feared symbol on any battlefield the world over, and one of ... (click for more)