Home Sales Up In November; Mortgage Rates At Historic Low

Thursday, December 20, 2012

November 2012 gave realtors much to be thankful for, according to information being released by the Multiple Listing Service of the Greater Chattanooga Association of Realtors. Homebuyers were also thankful for historically low mortgage rates and still-affordable prices.

GCAR President Mark Hite said, “Sellers were thankful for increased sales, less competition and faster market times. Both parties can be thankful for the slow yet steady economic recovery. Challenges persist, to be sure, going into 2013, but there's more reason for optimism than pessimism.”

New Listings in the Chattanooga region were up 16 percent to 819. Not to be outdone, Closed Sales increased to a stellar 543 units for the month; a 32.8 percent rise. Inventory shrank 9.7 percent to 4,712 units.

Prices turned higher, once again, as the Median Sales Price was up 16.0 percent to $145,000. Days on Market decreased 8.5 percent to 129 days. Months’ Supply of Inventory was down 21.8 percent to 8.6 months, indicating that, as always, demand increased relative to supply.

Mr. Hite said, “There are three primary avenues to housing recovery: better market fundamentals, improved market composition and more jobs. Many communities are enjoying better fundamentals, such as higher demand and less supply. But many areas are also experiencing a lower overall share of distressed sales activity. In the month ahead, continue to watch hiring and unemployment trends.”

Source: 10k Research and Marketing

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