Business Briefs: Homes sell faster in July

Business Briefs: Homes sell faster in July

September 6th, 2012 by Associated Press and Staff Report in Business Around the Region

Homes sell faster in July

The National Association of Realtors said Wednesday that the median time a previously occupied home was listed for sale shrank in July to 69 days. That's down from 98 days in the same month last year.

One-third of the homes purchased in July were on the market for less than a month, while one in five was on the market for at least six months.

In Chattanooga, the average days on the market for homes sold by local Realtors was 126 days in July, down 3.8 percent from a year ago.

Supervalu closes 60 U.S. stores

Supervalu said Wednesday it will close another 60 underperforming stores this year as it struggles to turn around its business.

The Eden Prairie, Minn.-based grocery store operator says the closures include Albertsons, ACME and Save-A-Lot stores in various states but none in Tennessee.

New CEO Wayne Sales says the closures reflect the company's effort to move "with a greater sense of urgency to reduce costs."

The company operates 4,400 stores in the U.S. and expects to record a pre-tax charge of up to $90 million for the store closings in fiscal 2013.