Chattanooga Real Estate Update
Monday, July 21, 2014
Monthly Market Report
Housing seemed to have a slow start to the spring selling season, but
appearances deceive. Dig into that spring soil and you begin to unearth
differences in individual areas and market segments. Inventory is slowly rising in
some areas. Activity is picking up in the upper price tiers. Rents continue to
climb in most metros. And interest rates are generally lower than a year ago, to
the surprise of some and the delight of others.
New Listings in the Chattanooga region increased 6.5 percent to 1,237. Pending
Sales were down 32.7 percent to 435. Inventory levels shrank 0.5 percent to
Prices were fairly stable. The Median Sales Price decreased 1.6 percent to
$150,000. Days on Market was down 4.6 percent to 125 days. Absorption rates
slowed as Months Supply of Inventory was up 4.4 percent to 9.5 months.
Housing is one part of a broader ecosystem that thrives on a strong economy
that churns out good jobs. First-quarter employment figures were adequate but
not thrilling, but second-quarter numbers figure to be more positive. Access to
mortgage capital remains an ongoing concern. As cash and investor deals fade,
first-time buyers typically step to the forefront, but tight credit can and has been a real hurdle.
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