Geoff Ramsey: National Market Overview

Friday, September 21, 2018 - by Geoff Ramsey, president, Greater Chattanooga Realtors

Related to last week’s local residential market statistics, we wanted to share the related national perspective. Nationwide, total existing-home sales did not change from the previous month and remained at a seasonally adjusted rate of 5.34 million. Nationally, home sales are now down 1.5 percent from a year ago to 5.42 million.

The national median existing home price for all housing types is up 4.6 percent to $264,800, which reflects a 78th consecutive month of year-to-year gains.

Lawrence Yun, NAR chief economist, recently observed that existing home sales appear to have hit a plateau with robust regional sales. Mr. Yun said, “Strong gains in the Northeast and a moderate uptick in the Midwest helped to balance out any losses in the South and West, halting months of downward momentum. With inventory stabilizing and modestly rising, buyers appear ready to step back into the market.” 

Inventory remains a national concern, not limited to Greater Chattanooga. Locally, inventory is down 13.2 percent, while nationally inventory remained unchanged. Days on Market across the nation is up slightly to 29 days, while in Greater Chattanooga, we’re averaging 41 days. Mr. Yun said, “While inventory continues to show modest year over year gains, it is still far from a healthy level, and new home construction is not keeping up to satisfy demand.  Homes continue to fly off the shelves with a majority of properties selling within a month, indicating that more inventory – especially moderately priced, entry-level homes – would propel sales.”

Realtors in Greater Chattanooga continue to explore ways to address the inventory shortage and work with the buyer demand for housing opportunities.

Get a more detailed look at Home Sales numbers and connect with a Realtor on www.gcar.net. Whether you’re looking to buy, sell, or simply stay in-the-know with what’s happening in Greater Chattanooga real estate, you can count on us to keep you in the loop.

 


Geoff Ramsey: September 2018 Residential Market Report

Some economy observers are pointing to 2018 as the final period in a long string of sentences touting several happy years of buyer demand and sales excitement for the housing industry. Although residential real estate should continue along a mostly positive line for the rest of the year, rising prices and interest rates coupled with salary stagnation and a generational trend toward ... (click for more)

10-Acre Ooltewah Site At Volkswagen Exit Of I-75 Sells For $2.8 Million

A 10-acre site near the Volkswagen exit of  I-75 has sold for $2.8 million. It is located directly in front of the new Fed Ex ground facility off Volkswagen Drive. The sale was to Big G 3 Llc from Pattillo Construction Co Inc. (click for more)

Charles Pipkens, Lajeromeney Brown Arrested In Series Of Violent Home Invasions In Which Robbers Posed As Police

Chattanooga Police have arrested Charles Dijon Pipkens and Lajeromeney Brown in connection with a series of violent home invasions in which the suspects told their victims they were Chattanooga Police officers.. Pipkens, 27, was charged in an Aug. 11 case and Brown, 40, in an incident on Sept. 19. Pipkens, of 434 N. Hickory St., is charged with two counts of aggravated kidnapping, ... (click for more)

Fairyland PTO Says It Can't Get Help From Walker County Schools And Board For Cafeteria Woes

Officials of the Fairyland Elementary School PTO said in recent months, the Fairyland Elementary School cafeteria "has effectively been shut down due to equipment (which broke in June) and consequent staffing issues." The group said, "As it stands now, all food is 'satellited' in from Ridgeland High School to Fairyland Elementary School for all meals including breakfast, lunch ... (click for more)

Drink Up, Chattanooga

I attended the meeting to discuss the placement of the sewage treatment plant at the Cambridge Center in Ooltewah today. My problem with the meeting (aka) dog and pony show, is that the meeting started out with the agenda of the Ooltewah Community Council.  After living in this area for 45+ years I have never heard of this group.  I would like for someone to answer ... (click for more)

Roy Exum: The Saturday Funnies

The reviews are good after we initiated “The Funny Video of the Week” but today let me take the liberty of sharing an oldie that I consider the funniest of all time. Please be aware the principals are speaking Polish, which you also need to know makes not a bit of difference. I have watched “The Polish Spoon Trick” at least 50 times because every time I watch the video it makes ... (click for more)