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.


Home Sales In Nashville Reach Historic High Once Again

Crye-Leike Downtown Chattanooga Hires Realtor Paige Berghel

Real Estate Transfers For July 30-Aug. 5


There were 4,703 home closings in Nashville reported for the month of July according to figures provided by Greater Nashville Realtors. This figure is up 12 percent from the 4,189 closings reported ... (click for more)

Crye-Leike Real Estate Services announces that Paige Berghel is now affiliated with its Downtown Chattanooga branch office as a licensed realtor. Ms. Berghel will serve the commercial real estate ... (click for more)

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)



Real Estate

Home Sales In Nashville Reach Historic High Once Again

There were 4,703 home closings in Nashville reported for the month of July according to figures provided by Greater Nashville Realtors. This figure is up 12 percent from the 4,189 closings reported for the same period last year. “Homes sales continue to rise in the Greater Nashville region,” said Kristy Hairston, Greater Nashville Realtors president. “It’s encouraging to see ... (click for more)

Crye-Leike Downtown Chattanooga Hires Realtor Paige Berghel

Crye-Leike Real Estate Services announces that Paige Berghel is now affiliated with its Downtown Chattanooga branch office as a licensed realtor. Ms. Berghel will serve the commercial real estate needs of buyers and sellers throughout Hamilton and surrounding counties. Ms. Berghel has been in the real estate industry for two years and is a member of the National Association ... (click for more)

Breaking News

Chattanooga To Welcome Nonstop United Service To Houston, Resume Chicago flights

The Chattanooga Airport will welcome nonstop United Express flights, operated by SkyWest Airlines, to Houston beginning Thursday, Oct. 1. The creation of Chattanooga's second direct flight to Texas will establish a gateway to hundreds of domestic and international destinations offered at George Bush Intercontinental Airport, officials said. In addition to the Houston flight, ... (click for more)

Legislature Makes Staying Overnight On State Property A Felony; Those Charged Must Serve At Least 12 Hours In Jail

The Tennessee Legislature in special session on Wednesday passed a bill that makes it a felony to stay overnight on state property. The punishment for the Class E felony would be up to six years in prison. Those who are arrested under the new law would have to spend at least 12 hours in jail without bond. Camping is defined as laying down a blanket, sleeping bag or other ... (click for more)

Opinion

PILOTs In The Pandemic Period

The COVID-19 pandemic has changed almost everything. But there are a few exceptions. One exception is how easy it still is for a company to get a Payment-in-Lieu-of-Tax (PILOT) Agreement from Hamilton County. On Wednesday at the Hamilton County Commission agenda meeting, commissioners and the county mayor appeared enthusiastic about approving a property tax break for Southern ... (click for more)

Roy Exum: ‘Sea To Shining Sea’

If you were to poll the most travelled among us, Portland, Ore., would be among the finalists on every list as “The Most Beautiful City” in the United States. Yet, today, it is a run-away choice as the ugliest in America. For over two-and-half months the state capital has unwillingly hosted a full-fledged riot almost every night. Two weeks ago, the city’s now-despicable mayor, leftist ... (click for more)