Chattanooga-area real estate sales dipped lower in October to 427 homes sold, down 3.2 percent from the 441 sold in September and down 20.5 percent from the 537 homes sold in October 2009, according to the Greater Chattanooga Association of Realtors.
"In the spirit of the season, I'm truly thankful that the situation is not worse than it is," said Randy Durham, president of the association. "We should know fairly soon whether policy changes resulting from this election will provide reason for optimism in the new year."
Sales may have been hurt by stricter underwriting rules enacted by the government that "eliminate many buyers with credit scores as high as 750," restricting the availability of credit, said Bobby Teems, president of the Chattanooga Multiple Listing Service.
Home sales in the area peaked in June 2010 at 637 homes sold, before toppling below 2009 and 2008 levels following the expiration of the first-time homebuyers tax credit, according to MLS statistics.