Home sales increased in April in Chattanooga, according to a report from the Greater Chattanooga Association of Realtors.
The report said, "As we turn the page to the second quarter of 2015, a proliferation of new listings is expected in most markets across the U.S. Spring is traditionally the commonplace time of the year that we see some of the most desirable gems polished for eager buyers. Though some Google searches and Twitter posts will blatantly offer pessimism about the state of the housing market, on-the-street evidence does not support bad tidings."
New Listings in the Chattanooga region increased 12.5 percent to 1,423. Pending Sales were up 20.7 percent to 880. Inventory levels shrank 27.8 percent to 4,245 units.
Prices continued to gain traction. The Median Sales Price increased 8.1 percent to $153,500. Days on Market was down 15.5 percent to 93 days. Sellers were encouraged as Months Supply of Inventory was down 37.2 percent to 5.9 months.
The national homeownership percentage is the lowest since 1993, when Jurassic Park was the highest-grossing movie. Rental prices continue to astonish with accelerated price growth, which may cause some to think twice before locking in a 12-month lease. Lending practices and mortgage rates will also have a decided effect on the number of buyers who will become homeowners this year.
Officials said, "With the release of Jurassic World this month, we are reminded of cyclical conversations in both real estate and moviemaking."