Median prices of existing homes sold in Chattanooga were unchanged from a year ago and have rebounded from a dip in the winter quarter, suggesting the three-year decline in home values is easing.
The National Association of Realtors reported today that the median price of homes sold in Chattanooga this spring was $125,700, the same as a year ago and $12,800 more than this winter.
Buoyed by first-time homebuyer tax credits, Realtor-assisted home sales through the Chattanooga Association of Realtors jumped 30.5 percent over the same period a year ago, records show.
The local Realtors' group said 1,919 homes were sold from April through June this year in Southeast Tennessee and Northwest Georgia. In the same period a year ago, Realtors sold 1,470 homes.
"The Homebuyers' tax credit and the extension of the closing date made for a winning combination for everyone, but now, it's over," Chattanooga Multiple Listing Service President Bobby Teems said.
Chattanooga home prices remained nearly 25 percent below the U.S. median of $166,400, according to Realtors' figures.
For complete details, see tomorrow's Times Free Press.