Kim Bass: August Housing Market Statistics

Monday, September 16, 2019 - by Kim Bass, president, Greater Chattanooga Realtors
As the summer is drawing to a close, multiple opposing factors and trends are competing to define the direction of the real estate market. After the Federal Reserve lowered its benchmark interest rate on July 31, 30-year mortgage rates continued to decline, approaching all-time lows last seen in 2016. Yet most experts agree these reductions are unlikely to bring sufficient relief, at least in the short term, for first-time home buyers. The lack of affordable inventory and the persistence of historically high housing prices continue to affect the housing market, leading to lower-than-expected existing home sales at the national level.

New Listings in the greater Chattanooga area increased 1.5 percent to 1,316.
Pending Sales were up 16 percent to 1,039. Inventory levels shrank 12 percent to 2,793 units.

Prices continued to gain traction. The Median Sales Price increased 6.4 percent to $200,000. Days on Market was up 2.4 percent to 43 days. Sellers were encouraged as Months Supply of Inventory was down 18.4 percent to 3.1 months.

As many homeowners refinanced their homes to take advantage of declining interest rates, consumer confidence in housing was reported to be at historically high levels. Even so, Realtors will need to monitor the market for signs of continued imbalances. Although the inventory of affordable homes at this point remains largely stable, it is stable at historically low levels, which may continue to push prices higher and affect potential buyers across the U.S.

Markets may change, but realtors’ commitment to serving our clients doesn’t. Navigating a market that can shift quickly is just one reason why consulting a realtor is so important. We keep a watchful eye on trends locally and nationally that might affect our clients and community. 

Real Estate Transfers For Feb. 20-26

Cambridge Square Developer Shares Amenity District Concepts

Habitat For Humanity Of Greater Chattanooga Says Few Tickets Remain For 5th Annual Women Build Breakfast


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)

Cambridge Square developer BP Construction has announced conceptual plans for the community’s amenity district. Phase one infrastructure work is scheduled to begin this spring with an anticipated ... (click for more)

Habitat for Humanity of Greater Chattanooga anticipates tickets to sell-out for their Fifth Annual Women Build Jazz Breakfast on Saturday, March 7 from 9-10:30 a.m. at the Chattanoogan Hotel. ... (click for more)




Real Estate

Real Estate Transfers For Feb. 20-26

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)

Cambridge Square Developer Shares Amenity District Concepts

Cambridge Square developer BP Construction has announced conceptual plans for the community’s amenity district. Phase one infrastructure work is scheduled to begin this spring with an anticipated delivery date in late summer 2021. Cambridge Square is a residential and commercial neighborhood located in Ooltewah, less than a half-mile east of Interstate 75. Cambridge consists ... (click for more)

Breaking News

Board Of Downtown Business Improvement District Asks Finance Committee To Take Another Look At Help For Non-Profits

The board of the new downtown Business Improvement District voted on Wednesday to have its three-member finance committee take another look at providing help to four non-profits that are asking to be exempted from assessments. The board, acting on the recommendation of the finance panel, earlier rejected any reductions in amounts charged to the non-profits that filed appeals. ... (click for more)

Steve Brookes, Of Boston Business Improvement District, Chosen To Lead Chattanooga BID

An official of the Boston Business Improvement District has been chosen to be executive director of the new Chattanooga BID. The local BID board on Wednesday approved the selection of Steve Brookes, who joined the Downtown Boston BID in March of 2011. He serves as the Boston BID's Clean & Hospitality Operations Director. In that role, he oversees the team of the BID's ... (click for more)

Opinion

Good Urban Design

Chattanooga is enjoying a robust movement to plan developments in a number of downtown neighborhoods, and there is good reason to believe that well designed development should be welcomed. The opposite is also true, that bad or poorly designed development should not be welcomed, especially if it seriously degrades the existing neighborhood. In the case of a sought after rezoning ... (click for more)

Roy Exum: Manny Is Best For All

I am not a big fan of Bill Hagerty, the early front-runner to replace Lamar Alexander as Tennessee’s next Senator, because I dislike the thought of six more years with a partisan puppet. Hagerty was in Chattanooga earlier this week to tell the Hamilton County Pachyderm Club how loyal he is to President Donald Trump, how much he enjoys laughing at the Democrats’ presidential field ... (click for more)