Home sales in Chattanooga rose in December, according to a report from the Greater Chattanooga Association of Realtors.
New listings in the Chattanooga region were up 10.2 percent to 581. Closed sales rose 2.1% finishing the month with 496 residential units sold. Inventory shrank 8.0 percent to 4,534 units.
Prices turned higher as the median sales price was up 9.6 percent to $142,500. Days on market decreased 2.9 percent to 132 days. Months supply of inventory was down 21.4 percent to 8.1 months, indicating that demand increased relative to supply.
Meanwhile, third quarter GDP was upwardly revised to 3.1 percent and several prominent housing indices continue to showcase market turnaround.
GCAR President Mark Blazek said, “Momentum is on our side. Remember, it won't necessarily be fast, consistent nor universal, but recovery appears to be here to stay. After five or six challenging years, it's a welcomed change of pace.”