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Front Page - Friday, July 19, 2019

Sales, prices increase, inventory falls in June

The relationship between our nation’s economy and the housing market is complicated. On one hand, residential real estate markets across the country are performing well within an economic expansion that in July will become the longest in U.S. history. On the other hand, there are signs of a slowing economy.

The economy is still performing well due to low unemployment and solid retail sales, but uncertainty remains regarding trade tensions, slowed manufacturing and meek business investments.

The Federal Reserve considers 2% a healthy inflation rate, but the U.S. is expected to remain below that this year. The fed has received pressure from the White House to cut rates in order to spur further economic activity, and the possibility of a rate reduction in 2019 is definitely in play following a string of increases over the last several years.

When you put all these factors together, you can see the delicate balance between the housing market and our economy.

Locally, new listings in the Chattanooga region in June decreased 7.9% to 1,283. Pending sales were up 11.1% to 982. Inventory levels shrank 6.3% to 2,794 units.

Prices continued to gain traction. The median sales price increased 7.5% to $214,900. Days on market was up 4.7% to 45 days. Sellers were encouraged as months supply of inventory was down 11.1% to 3.2 months.

Markets might change, but Realtors’ commitment to serving our clients doesn’t. Navigating a market that can shift quickly is just one reason why consulting a Realtor is important.

We keep a watchful eye on trends locally and nationally that might affect our clients and community. That’s Who We R.

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. For more information, visit www.gcar.net or call 423 698-8001.