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 claims have also been at low levels, coming in as the lowest number since 1973. As always, every market and situation is unique, so some numbers seen in national trends may not always line up with local markets.
New listings in the Chattanooga region increased 8.6 percent to 1,094. Pending sales were up 4.3 percent to 709. Inventory levels shrank 28.5 percent to 4,175 units. Prices continued to gain traction. The median sales price increased 5.6 percent to $150,000. Days on market was down 28.7 percent to 72 days. Sellers were encouraged as months supply of inventory was down 37.1 percent to 5.6 months.
Interest rates are an area to pay attention to as rate hikes are widely expected before the year ends. The Federal Reserve Bank has skipped two opportunities to raise rates this fall, but the final meeting in December will likely include a minor rate hike. Although we are headed into a slower time of year, as housing activity goes, there are still many nuggets of optimism to mine from monthly figures.