The region’s real estate market showed continued strength and resiliency, in both number of homes sold and median price, according to data released by the Multiple Listing Service (MLS) of the Greater Chattanooga Association of REALTORS.
In July of this year, Southeast Tennessee and the Northwest Georgia area saw the sale of 524 residential units, a 17.5% increase compared to the July of 2010, and a slight drop of only 1.9% from the sales of 534 homes during June of this year.
For the month of July, the local median home price was $142,145.
That represents an increase of 9.4% from the same period one year earlier and a rise of 11.1% from June of this year. . Average days on the market showed a statistically negligible decrease of one day (133) from last month, and an increase of 18 days from the report of July 2010.
Foreclosures continued to mark a decreasing portion of overall sales in the regions, comprising 26.7% of MLS deals that had once risen as high as one in three.
The absorption rate, another reliable indicator of market health indicated in July that the region’s supply of unsold inventory stood at 10.9 months, where it had formerly risen to nearly twice that number.