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

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

Invista Sells Property On Amnicola Highway For $9.6 Million


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 ... (click for more)

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 ... (click for more)

Invista Sarl has sold property across from Chattanooga State Community College for $9.6 million. The property is at 4500 Amnicola Highway. The sale was to 4500 Amnicola LLC. Invista ... (click for more)


Real Estate

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)

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