At this point in the year, we’re getting a good sense for how the housing market is likely to perform for the foreseeable future. Although it’s not a particularly exciting forecast, it is a desirable one, as markets across the country are regulating toward a middle ground between buyers and sellers.
While sales prices are running higher and inventory options are relatively low, buyers are beginning to find wiggle room at some price points and geographies.
An extended trend of low unemployment, higher wages and favorable mortgage rates have been terrific drivers of housing stability in recent years. The thing that’s different about this year so far is that prices aren’t rising as quickly.
Some of the hottest Western markets are even cooling slightly, while some Northeast markets are achieving a state of recovery after a decade of battling back from recession.
As a whole, the selling season is looking fairly stable across the nation.
In the Greater Chattanooga area, new listings increased 7.7% to 1,428. Pending sales were up 18.8% to 1,156. Inventory levels shrank 0.7% to 2,680 units.
Prices continued to gain traction. The median sales price increased 10.8% to $205,000. Days on market decreased 12.2% to 43.
Sellers were encouraged as months supply of inventory decreased 6.1% to 3.1 months.
The housing market is always subject to change, so seeking the expertise of a Realtor will ensure homebuyers and sellers know all of the information available to them. 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. Information: www.gcar.net, call 423 698-8001.