Nationally, increasing housing prices and housing affordability remain a concern in many markets, but locally, sales prices and inventory levels remain steady.
One big takeaway from March is the sharp increase in people listing their property for sale.
New listings in the Chattanooga region increased 8.2% to 1,282. Pending sales were up 8% to 1,084. Inventory levels shrank 1.1% to 2,501 units. Prices were fairly stable.
The median sales price increased 0.7% to $190,000. Days on market remained flat at 54 days. Sellers were encouraged as months supply of inventory was down 3.2% to three months.
The Federal Reserve recently announced that no more interest rate hikes are planned for 2019. Given the fact that the federal funds rate has increased nine times over the past three years, this is welcome news for U.S. consumers, who carry an approximate average of $6,000 in revolving credit card debt per household.
Fed actions also tend to affect mortgage rates, so the pause in rate hikes was also welcome news to the residential real estate industry.
All of these factors are looking to make a hot spring buying and selling season.
To prepare for this flurry of activity, Greater Chattanooga Realtors will be hosting its annual Open House Weekend April 27-28.
This event will feature more than 100 Realtor-hosted open houses throughout southeast Tennessee and northwest Georgia.
Potential buyers who visit open houses that weekend can register for a chance to win one of five $150 gift cards. Get details and preview scheduled open houses at www.gcar.net.
Greater Chattanooga Realtors is “The Voice of Real Estate in Greater Chattanooga.” A regional organization with more than 2,000 members, Greater Chattanooga Realtors is one of some 1,300 local boards and associations of Realtors nationwide that comprise the National Association of Realtors. Greater Chattanooga Realtors services Hamilton and Sequatchie counties in southeast Tennessee and Catoosa, Dade and Walker counties in northwest Georgia. Information: www.gcar.net, 423 698-8001