Kim Bass: November 2019 Market Statistics

Monday, December 16, 2019 - by Kim Bass, president, Greater Chattanooga Realtors
In November, the Federal Reserve reduced its benchmark rate for the third time this year. This action was widely anticipated by the market. Mortgage rates have remained steady this month but still are down more than 1 percent from last year at this time. Residential new construction activity continues to rise nationally. The U.S. Commerce Department reports that new housing permits rose 5% in October to a new 12-year high of 1.46 million units.

While many economic signs are quite strong, total household debt has been rising for twenty-one consecutive quarters and is now $1.3 trillion higher than the previous peak of $12.68 trillion in 2008.
While delinquency rates remain low across most debt types (including mortgages), higher consumer debt loads can limit future household spending capability and increase risk if the economy
slows down.

Locally, New Listings in our area increased 8.7 percent to 926, compared to November 2018. For year-to-date, that puts New Listings at 5.7 percent increase to 13,341.

Pending Sales were up 30.2 percent to 846 for November, with a year-to-date increase of 9.7 percent with 10,283 Pending Sales.

Inventory levels shrank 15.5 percent to 2,656 units. Inventory concerns are looking to persist into 2020, which is a sentiment echoed by NAR’s Chief Economist Lawrence Yun. “Real estate is on firm ground with little chance of price declines,” said. “However, in order for the market to be healthier, more supply is needed to assure home prices as well as rents do not consistently outgrow income gains.”

Prices continued to gain traction. The Median Sales Price increased 13.2 percent to $215,000. Days on Market was up 2.0 percent to 50 days. Sellers were encouraged as Months Supply of Inventory was down 23.7 percent to 2.9 months.


Brandi Pearl Thompson: 2019 Annual Housing Market Report

Pointe Commercial Real Estate Welcomes Kendall Martin

Greater Chattanooga Realtors Announces 2020 Leadership Team


The Greater Chattanooga Realtors recently released its 2019 Annual Report on the local housing market, and 2019 was a very busy year. The average sales price was just over $238,000, ... (click for more)

Pointe Commercial Real Estate announces Kendall Martin has joined the Pointe Property Group Team. She will serve as Pointe’s real estate, marketing and transaction specialist and will be responsible ... (click for more)

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Real Estate

Brandi Pearl Thompson: 2019 Annual Housing Market Report

The Greater Chattanooga Realtors recently released its 2019 Annual Report on the local housing market, and 2019 was a very busy year. The average sales price was just over $238,000, which is a 6.9% increase over 2018 ($222,852). This increase might reflect a decreased housing inventory. 10,714 homes were sold in the Greater Chattanooga area in 2018, which was a ... (click for more)

Pointe Commercial Real Estate Welcomes Kendall Martin

Pointe Commercial Real Estate announces Kendall Martin has joined the Pointe Property Group Team. She will serve as Pointe’s real estate, marketing and transaction specialist and will be responsible for coordinating and managing real estate and marketing projects on the industrial, office and retail properties. Ms. Martin brings 10 years of commercial real estate experience to ... (click for more)

Breaking News

1 Killed, Another Seriously Injured In Head-On Crash On Highway 58

One person was killed and another seriously injured in a head-on crash on Highway 58 on Wednesday afternoon. At approximately 1:50 p.m., Hamilton County Sheriff’s Office Traffic Investigators were dispatched to a crash near the 12400 block of Highway 58. Upon arrival it was found that one person was deceased and the other seriously injured. One person was transported to a ... (click for more)

Signal Mill Sells For $13.5 Million

Signal Mill on the North Shore at 205 Manufacturers Road has sold for $13,520,000. Sitting on 2.89 acres, Signal Mill is a modern, adaptive re-use of an early 1900's era textile mill. The property was originally Signal Knitting Mills, opened by William Murphey and a group of Chattanooga businessmen. Mr. Murphey, a textile engineer from Georgia, brought his expertise to Chattanooga ... (click for more)

Opinion

A Lack Of Civility At The Women's Rally

The behavior of our local radical left women was abusive and uncalled for. The next Woman’s Rally and March should be lessons in common decency and civility towards other women. Interrupting an invited female speaker with displays of yelling and holding up disparaging signs is wrong. The women before me that broke the barriers in male-dominated professions would be embarrassed ... (click for more)

Roy Exum: Three From "Anonymous"

With all of the hoopla over transgendered athletes, you need to know there is a woman out there who is eager to be a ‘trans-species.’ She wants to be a bear. Not only that, but one night a mysterious Marine showed up in a hospital to stand final watch. And, as if that is not enough, a dog just answered a question that we human beings cannot. Almost every day I enjoy my Morning Readings, ... (click for more)