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. 


Barge Design Solutions Community Fund Contributes To COVID-19 Relief Efforts

Geoff Ramsey Inducted Into NAR RPAC Hall Of Fame

Real Estate Transfers For May 21-27


The Barge Design Solutions, Inc. Community Fund has awarded a total of $35,000 in grants to organizations contributing to COVID-19 relief efforts. "As our nation slowly opens following stay-at-home ... (click for more)

Greater Chattanooga Realtors announced that Realtor member Geoff Ramsey was inducted to the National Association of Realtors (NAR) Realtors Political Action Committee (RPAC) Hall of Fame. ... (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

Barge Design Solutions Community Fund Contributes To COVID-19 Relief Efforts

The Barge Design Solutions, Inc. Community Fund has awarded a total of $35,000 in grants to organizations contributing to COVID-19 relief efforts. "As our nation slowly opens following stay-at-home orders and other restrictions, many in our communities are left reeling from the effects of this pandemic," officials said. "Much of our population finds themselves in need of various ... (click for more)

Geoff Ramsey Inducted Into NAR RPAC Hall Of Fame

Greater Chattanooga Realtors announced that Realtor member Geoff Ramsey was inducted to the National Association of Realtors (NAR) Realtors Political Action Committee (RPAC) Hall of Fame. Mr. Ramsey has been an RPAC Major Investor for seven years, and a President’s Circle Member for six years. Over this time, Mr. Ramsey has invested more than $25,000. “Realtors are advocates ... (click for more)

Breaking News

Nashville Chancellor Says All Tennessee Voters Must Be Allowed To Vote Absentee

A Nashville chancellor ruled Thursday that Tennessee election officials must allow all voters in the state to cast absentee ballots in light of the coronavirus pandemic. Chancellor Ellen Hobbs Lyle said state limits on absentee voting constitute “an unreasonable burden on the fundamental right to vote guaranteed by the Tennessee Constitution.” She said the state must “prominently ... (click for more)

Hamilton County Has 4th Coronavirus Death In 3 Days; State Records 13 New Deaths

There has been another coronavirus death in Hamilton County - the fourth in three days. The new total is 19. There were 56 new coronavirus cases in Hamilton County, bringing the total to 1,275. There are 15 patients in Intensive Care. The state reported 13 new deaths from the virus, bringing the total to 401. There were 298 new cases. That brings the total to 25,120. ... (click for more)

Opinion

It's About Time Riverbend Was Cancelled - And Response

Since its inception, Friends of the Festival seemed bound and determined to make Riverbend a national event, ignoring the opinions of many Chattanoogans. Riverbend started as a local event drawing on the tastes and desires of local citizens yet has devolved into an outrageously expensive, super-crowded two-week-long free-for-all. Riverbend has drastically deviated from its original ... (click for more)

Roy Exum: Two Inches From Hell

By ordinary standards it might be best described as one of life’s worst 1-2 punches, a pair of hard, personal blows that drop you to your knees. True, each devastating blow was uncommonly back to back. But, no, when I learned Wednesday morning that college football icon Johnny Majors had died just some 48 hours after another legend, Auburn’s Pat Dye, it was as though I’d been hit ... (click for more)