Kim Bass: July 2019 Housing Market Statistics

Tuesday, August 13, 2019 - by Kim Bass, president, Greater Chattanooga Realtors
In July, the U.S. economic expansion that began in June 2009 became the longest in the nation's history. That run marked 121 straight months of gross domestic product growth and surpassed the 120-month expansion from 1991 to 2001. The average rate of growth during this expansion has been a milder 2.3 percent per year compared to 3.6 percent during the 1990s. Although the economy should continue to perform well for the rest of 2019, some economists see a mild recession on the horizon.

During the record-setting 121-month economic expansion, the unemployment rate has dropped from 10.0 percent in 2009 to 3.7 percent.
Yet, many consumers continue to struggle financially. Low mortgage interest rates have helped offset low housing affordability. However, high home prices are outpacing median household income growth. In a move to stoke continued economic prosperity, the Federal Reserve reduced the benchmark interest rate by a quarter point to about 2.25 percent, marking the first reduction in more than a decade.

The Greater Chattanooga area market remains hot, and the increase in inventory and the increase in homes sold reflect that.

For our area, New Listings in the Chattanooga region increased 3.3 percent to 1,300. Pending Sales were up 15.2 percent to 1,068. Inventory levels shrank 8.4 percent to 2,770 units. 

Prices continued to gain traction. The Median Sales Price increased 12.7 percent to $210,250. Days on Market was up 5.0 percent to 42 days. Sellers were encouraged as Months Supply of Inventory was down 13.9 percent to 3.1 months. 


Former Food Lion On Wilcox Boulevard Being Redeveloped As Foxwood Plaza

Soddy Daisy Healthcare Center Sells For $16.4 Million

Real Estate Transfers For Sept. 26-Oct. 2


The former Food Lion at 3215 Wilcox Boulevard is being redeveloped as Foxwood Plaza. The project by Pointe Commercial Real Estate includes spaces ranging from 1,500 square feet to 26,752 square ... (click for more)

The Soddy Daisy Healthcare Center has sold for $16,412,500. The skilled care nursing home is located at 701 Sequoyah Road. The sale was to 701 Sequoyah Road Property Investment Llc from ... (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

Former Food Lion On Wilcox Boulevard Being Redeveloped As Foxwood Plaza

The former Food Lion at 3215 Wilcox Boulevard is being redeveloped as Foxwood Plaza. The project by Pointe Commercial Real Estate includes spaces ranging from 1,500 square feet to 26,752 square feet. Design on the project is by Artech. (click for more)

Soddy Daisy Healthcare Center Sells For $16.4 Million

The Soddy Daisy Healthcare Center has sold for $16,412,500. The skilled care nursing home is located at 701 Sequoyah Road. The sale was to 701 Sequoyah Road Property Investment Llc from Eclipse Grace Sequoyah Road Llc. (click for more)

Breaking News

Thurman Says Discipline Real Problem In County Schools; Johnson Says His Focus Is Academic Improvement

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Eyewitness Account Given Of Murder Of Tracy Calloway, Though 4 Defendants Tried To Waive Hearing

An expressive witness, general disorder, and a circus-like atmosphere defined a preliminary hearing involving four men accused of the July murder of Tracy Calloway. On July 21, Antonio Watkins, 25; Prandel Reid Jr., 27, Gary Cross, 23, and Jamichael Smith, 26, allegedly drove up to Mr. Calloway’s residence and began shooting. Calloway, who was located in a white car parked in ... (click for more)

Opinion

Would Foreign Teachers Make Better Instructors For Inner-City Students? - And Response

It seems a week doesn't go by, sometimes more in one week, without Roy or someone writing some coded messages denigrating inner-city schools and the students (using another code-hint hint) that attend inner-city schools. Which reminded me of something from decades ago about teachers from foreign countries perhaps making better instructors for inner city students. At least those ... (click for more)

Roy Exum: Let’s Start With Truth

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