Geoff Ramsey: National Market Overview

Friday, September 21, 2018 - by Geoff Ramsey, president, Greater Chattanooga Realtors

Related to last week’s local residential market statistics, we wanted to share the related national perspective. Nationwide, total existing-home sales did not change from the previous month and remained at a seasonally adjusted rate of 5.34 million. Nationally, home sales are now down 1.5 percent from a year ago to 5.42 million.

The national median existing home price for all housing types is up 4.6 percent to $264,800, which reflects a 78th consecutive month of year-to-year gains.

Lawrence Yun, NAR chief economist, recently observed that existing home sales appear to have hit a plateau with robust regional sales. Mr. Yun said, “Strong gains in the Northeast and a moderate uptick in the Midwest helped to balance out any losses in the South and West, halting months of downward momentum. With inventory stabilizing and modestly rising, buyers appear ready to step back into the market.” 

Inventory remains a national concern, not limited to Greater Chattanooga. Locally, inventory is down 13.2 percent, while nationally inventory remained unchanged. Days on Market across the nation is up slightly to 29 days, while in Greater Chattanooga, we’re averaging 41 days. Mr. Yun said, “While inventory continues to show modest year over year gains, it is still far from a healthy level, and new home construction is not keeping up to satisfy demand.  Homes continue to fly off the shelves with a majority of properties selling within a month, indicating that more inventory – especially moderately priced, entry-level homes – would propel sales.”

Realtors in Greater Chattanooga continue to explore ways to address the inventory shortage and work with the buyer demand for housing opportunities.

Get a more detailed look at Home Sales numbers and connect with a Realtor on www.gcar.net. Whether you’re looking to buy, sell, or simply stay in-the-know with what’s happening in Greater Chattanooga real estate, you can count on us to keep you in the loop.

 


Invista Sells Property On Amnicola Highway For $9.6 Million

Invista Sarl has sold property across from Chattanooga State Community College for $9.6 million. The property is at 4500 Amnicola Highway. The sale was to 4500 Amnicola LLC. Invista Sarl operates the former Dupont plant in Hixson. (click for more)

Real Estate Transfers For Oct. 4-10

NOTICE: The Hamilton County Register’s Office did not publish this data. All information in the Register’s Office is public information as set out in T.C.A. 10-7-503. For questions regarding this report, please call Chattanoogan.com at 423 266-2325. GI numbers, listed when street addresses are not available, refer to the location of transactions (book number and page number) ... (click for more)

Chattanooga Man At Scene Of Carjackings Gets 6-Year Federal Prison Sentence

A Chattanooga man who was at the scene of two carjackings has been sentenced to serve six years in federal prison. Nikolas Milton, 25, appeared before Judge Curtis Collier. A probation report recommended a four-level sentence enhancement, but prosecutor Chris Poole acknowledged there was no proof that Milton was the person who carried out the first carjacking. He said two ... (click for more)

Latest Bradley County Jail Booking Report

Click  here  for the latest Bradley County arrest report. (click for more)

Drink Up, Chattanooga

I attended the meeting to discuss the placement of the sewage treatment plant at the Cambridge Center in Ooltewah today. My problem with the meeting (aka) dog and pony show, is that the meeting started out with the agenda of the Ooltewah Community Council.  After living in this area for 45+ years I have never heard of this group.  I would like for someone to answer ... (click for more)

Roy Exum: Vols: ‘Don’t Let Up’

The idea was hatched a couple of years ago. Some Tennessee football fanatic had gotten wind that an Oklahoma player had documented his baptism to havoc inside Neyland Stadium. Offensive lineman Ty Darlington was part of that 2015 double-overtime slugfest against the Vols and, afterwards, remembered OU’s 34-27 win – after being down by 17 points earlier – was an absolute “dissertation” ... (click for more)