October Produces A Strong Month Of Home Sales

Wednesday, November 21, 2012

Home sales increased in the Greater Chattanooga area, according to information released by the Multiple Listing Service of the Greater Chattanooga Association of Realtors.

Officials said, "It's been a giant year for the housing market, as we round out the remaining two months of the 2012. Most markets shed listings, resulting from strong sales and lessened seller activity." 

Closed sales for the month of October increased by 31.3% finishing at 562 homes sold. New listings coming to market in the Chattanooga region were up 17.8 percent to 892 for the month compared to the same period last year. However, overall inventory available for sale shrank 10.4 percent to 4,814 units. 

There has been a general easing of foreclosures and short sales, meaning distressed listings are dragging prices down less right now than in recent years. Prices turned higher as the Median Sales Price was up 12.3 percent to $144,601. Days on Market decreased 6.9 percent to 121 days. Months Supply of Inventory was down 21.2 percent to 8.9 months, indicating that demand increased relative to supply. 

GCAR President Mark Hite said, “The economy is growing, but not at the pace most of us desire and economic growth in 2013 is expected to outpace 2012 which is positive if it this prediction becomes a reality mortgage rates are expected to remain near historic lows through 2015, rents are expected to rise due to low vacancy.”

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The October home sales report from the Greater Chattanooga Association of Realtors includes a healthy rise in new listings.  Transitory periods in the market are common this time of year, and after a persistent period of steady year-over-year climbs in sales metrics, recent low national numbers have not fulfilled what many predicted. But on a positive note, jobless ... (click for more)

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