Home prices and sales rose in Chattanooga last month as the housing recovery continued to gain momentum.
The Greater Chattanooga Association of Realtors said today that Realtors sold 1.3 percent more houses last month than they did a year ago, boosting sales to 645 residential units in July.
The median price of homes sold during July was up by 8.5 percent from a year ago to $153,500. The average home sold in Chattanooga in 117 days, or nearly nine days faster than a year ago.
“With mortgage rates slightly up by relatively low by historic standards, the Fed has indicated no change in monetary policy based on a moderately-paced economic expansion,” Chattanooga Realtors’ President Mark Blazek said. “Although the unemployment rate remains a factor to watch, the housing recovery continues to plug along, helping the grater economy with flourishing activity in sales and prices.”
New listings in the Chattanooga region were up 20.4 percent to 1,223, while the inventory of homes on the market was down by 1.3 percent to 5,243 units, according to Realtors data.
Dave Flessner is the business editor for the Times Free Press. A journalist for 35 years, Dave has been business editor and projects editor for the Chattanooga Times Free Press, city editor for The Chattanooga Times, business and county reporter for the Chattanooga Times, correspondent for the Lansing State Journal and Ingham County News in Michigan, staff writer for the Hastings Daily Tribune in Nebraska, and news director for WCBN-FM in Michigan. Dave, a native ...