published Thursday, September 20th, 2012

Home sales, prices rise in Chattanooga area

Home sales in the Chattanooga area rose in August for the 10th consecutive month, rising 7.6 percent above the year-ago level.

The Greater Chattanooga Association of Realtors reported that 655 homes were sold by local Realtors last month at a median price of $136,250. The median sales price of homes in Chattanooga has risen for six consecutive months and was up by 5.6 percent in August above the median sales price of a year ago.

Mark Hite, president of the Greater Chattanooga Association of Realtors, said job growth is key to lifting consumer confidence and moving the housing market, especially in an election year.

“The truth is, the economy is and has been expanding consistently for years, albeit at a disjointed pace,” Hite said in a statement. “There’s reason for optimism going into the last third of 2012 and even into 2013, and housing is actually playing a large role in that positive outlook.”

The typical home sold in August after being on the market 125 days, or 6.7 percent less time than a year ago. The inventory of homes on the market, in relation to the current sales pace, fell to 9.5 months, or 21.5 percent less than a year ago.

about Dave Flessner...

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 ...

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