Hamilton Herald Masthead

Editorial


Front Page - Friday, October 18, 2019

Market will cool, even in boom times




With the children back in school and the weather cooling, the housing market begins its annual cooldown, as well.

Nationally, buyer and seller activity remained strong, buoyed by low mortgage rates and a strong economy.

The market fundamentals suggest no significant changes from recent trends other than the seasonally tempered pace we see this time of year. As we move into the final three months of 2019, buyers will find fewer homes coming on the market but also less competition for those homes.

In Washington, there’s talk of a broad overhaul of the housing finance system, including the reprivatization of Fannie Mae and Freddie Mac and reforms to federal agencies involved with financing substantial portions of the mortgages made every year. Many of these policy conversations and eventual changes will take months or years to be implemented, and their impact is not yet clear.

Halloween decorations are beginning to adorn homes around the country, but our real estate market is looking far from scary.

New listings in the Chattanooga region increased 7% to 1,126. This increase is typical after the usual summer slowdown.

Pending sales were up 8.9% to 879. With the increase in pending sales outpacing new listings, inventory levels shrank 10.9% to 2,816 units.

Prices continue to gain traction. The median sales price increased 10.8% to $209,190. Days on market was up 19% percent to 50 days. Sellers were encouraged as months supply of inventory was down 15.8% 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.