Thursday, July 11, 2013

Market Report

June's numbers are out from the Greater Chattanooga Association of Realtors

A fellow named Newton once said that a body in motion tends to stay in 
motion. Independence Day festivities may slow market momentum and 
result in slightly increased housing inertia. Each year, the activity around 
Independence Day collides with market trends because the summer 
holiday season ends up being more about family fun than housing fuss. As 
the market shifts from under us, things like historically low interest rates 
and rising rents cause pause for those with a clear idea of what they want 
despite the lack of funding to achieve it.

In the Chattanooga region, for the week ending June 29:
 • New Listings increased 13.5% to 277 homes for sale
 • Pending Sales decreased 16.9% to 113 sales
 • Inventory decreased 4.2% to 5,083 active listings

For the month of June:
 • Median Sales Price increased 7.1% to $151,950
 • Days on Market increased 2.4% to 129 days
 • Percent of Original List Price Received increased 1.1% to 92.9%
 • Months Supply of Inventory decreased 11.8% to 9.0%