Home sales up in June, but still down so far in 2014

Home sales up in June, but still down so far in 2014

July 22nd, 2014 by Dave Flessner in Business Around the Region

Home sales tile

Home sales tile

BY THE NUMBERS

• 3,592: Number of residential properties sold in the first half of 2013

• 3,449: Number of residential properties sold in the first half of 2014

• $145,000: Median home price for properties sold in the first half of 2013

• $135,250: Median home price for properties sold in the first half of 2014

• 5,378: Inventory of homes for sale in June, down 0.5 percent from a year ago

Source: Greater Chattanooga Association of Realtors

After a slowdown in the winter and spring, home sales began to bloom for local Realtors last month.

The Greater Chattanooga Association of Realtors said Monday that June home sales were up 11.2 percent from a year ago -- the biggest monthly gain for residential sales so far in 2014. Local agents sold 734 homes and condos last month with a median price of $150,000.

Despite the increases in June, however, the total number of residential units sold in the first half of 2014 -- 3,449 -- was down 2.6 percent from the 3,592 residential units sold in the first six months of 2013.

Vicki Trapp, president of the Greater Chattanooga Association of Realtors, said the recent upturn in home sales reflects the improving overall economy.

In the first quarter of 2014, the U.S. economy shrank by 2.9 percent. But the economy is showing healthier growth since.

"Housing is one part of a broader ecosystem that thrives on a strong economy and churns out good jobs," Trapp said. "First quarter employment figures were adequate but not thrilling, but second-quarter numbers figure to be more positive."

Although home sales were down in the first half of the year, the median price of homes sold so far this year was still up by a healthy 6.6 percent. The typical home sold in the first six months of 2014 was priced at $145,000 in Chattanooga, up by $9,250 from the same time a year ago.

The typical home in Chattanooga sold last month in 125 days, down 4.6 percent from a year ago. The inventory of properties on the market fell 0.5 percent to 5,378 residential units.

Contact Dave Flessner at dflessner@timesfreepress.com or at 757-6340.