Summer is starting to wind down, and schools are beginning in their different capacities, but don’t think the housing market is slowing down. On the contrary, while the national economy is still recovering from COVID-19, the housing market remains as fast as ever.
Realtors like me knew July was a scorching month in real estate, and the housing market data certainly backs that up. Nationally, the National Association of Realtors reports that the inventory of homes for sale nationwide rose slightly in June as more sellers list their homes, hoping to take advantage of record-high sales prices across the country.
However, even with renewed seller interest, inventory overall remains 18.8% lower than a year ago, according NAR reports.
Those in the mortgage industry have certainly been keeping busy as well, with the White House announcing additional measures to help struggling homeowners avoid foreclosure as they exit forbearance, including loan modifications and payment reductions.
Borrowers with federally backed mortgages can now lock in lower interest rates and extend the length of their mortgages. In addition, for borrowers who can’t resume their monthly mortgage, HUD will offer lenders the ability to provide all eligible borrowers with a 25% reduction in principal and interest.
Locally, new listings in the Chattanooga region increased 30.2% compared to July 2020 to 1,594. Pending sales increased 10.8% to 1,311, inventory levels shrank 35.2% to 1,230 units and prices continued to gain traction.
The median sales price increased 14.1% to $265,000, while days on market (the average amount of time a property is on the market before it’s under contract) declined 62.8% from July 2020 to only 16 days.
Sellers were encouraged as months supply of inventory was down 40% to 1.2 months.
The market remains hot with little sign of cooling off anytime soon. The need to use a Realtor to help navigate this fast market remains. Whether you’re looking to buy or sell a home, a Realtor will guide you every step of the way.
Realtors serve the housing needs of our community every day. That’s Who We R.
Greater Chattanooga Realtors is The Voice of Real Estate in Greater Chattanooga. A regional organization with more than 2,400 members, Greater Chattanooga Realtors is one of 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. For more information, visit www.gcar.net or call 423 698-8001.