Chattanooga home sales and house prices rose in July

Chattanooga home sales and house prices rose in July

August 21st, 2013 by Dave Flessner in Local - Breaking News

Mark Blazek

Photo by Dan Henry/Times Free Press.

Home prices and sales rose in Chattanooga last month as the housing recovery continued to gain momentum.

The Greater Chattanooga Association of Realtors said today that Realtors sold 1.3 percent more houses last month than they did a year ago, boosting sales to 645 residential units in July.

The median price of homes sold during July was up by 8.5 percent from a year ago to $153,500. The average home sold in Chattanooga in 117 days, or nearly nine days faster than a year ago.

"With mortgage rates slightly up by relatively low by historic standards, the Fed has indicated no change in monetary policy based on a moderately-paced economic expansion," Chattanooga Realtors' President Mark Blazek said. "Although the unemployment rate remains a factor to watch, the housing recovery continues to plug along, helping the grater economy with flourishing activity in sales and prices."

New listings in the Chattanooga region were up 20.4 percent to 1,223, while the inventory of homes on the market was down by 1.3 percent to 5,243 units, according to Realtors data.