Home sales, prices rise in Chattanooga area

Home sales, prices rise in Chattanooga area

September 20th, 2012 by Dave Flessner in Local - Breaking News

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.