Home Sales spiked for the sixth straight month, according to data being released by the Multiple Listing Service of the Greater Chattanooga Association of Realtors.
Residential real estate has finally taken some meaningful strides toward recovery, and they have all been self-powered without divine or governmental intervention. June 2012 saw the sale of 664 residential units. A huge 21.2% increase from 2011 numbers.
Prices enjoyed some relief as the Median Sales Price was up 11.4 percent to $143,000. The improved price trend has been building for months, this is really good news for homeowners.
The average Days on Market decreased 4.6 percent to 124 days and the Months Supply of Inventory was down 24.6 percent to 9.8 months, the 12th consecutive month of year-over-year declines in inventory.
GCAR President Mark Hite said, “There are a number of factors driving this positive growth trend. Increased employment, and job creation along with incredible affordability all contribute to a more positive consumer outlook and spurs confidence to invest in a home. Keeping the affordability picture afloat, the Fed has vowed to keep interest rates around 4.0 percent through mid-2013.”