According to the Greater Chattanooga Association of Realtors, New Listings in the Chattanooga region increased 5.3 percent to 1,361. Pending Sales were up 4.3 percent to 800. Inventory levels shrank 31.6 percent to 4,378 units. Prices continued to gain traction. The Median Sales Price increased 5.8 percent to $155,000. Days on Market was down 30.5 percent to 73 days.
Sellers were encouraged as Months Supply of Inventory was down 40.6 percent to 6.0 months.
Officials said, "Having six months of 2015 data in the books is great, but it is still just intermission at this halfway point of the year.
Forecasting market trends can be as dicey as the weather, but with interest rates managing to remain low into the summer months, the outlook is promising, even if rates go up later in the year. Metrics like inventory and percent of list price received at sale are two of the better understudies to watch this year."