Chattanooga area home sales drop, prices up

Chattanooga area home sales drop, prices up

February 21st, 2014 by Dave Flessner in Local - Breaking News

Wintry weather in January put a chill on home sales, although local home prices were up at the start of 2014.

The Greater Chattanooga Association of Realtors reported today that area Realtors sold 429 homes in January, or 7.9 percent less than a year ago. Despite the sales drop, the median price of homes sold last month was $138,500, or 6.5 percent more than a year ago.

The number of new listings also fell by 3 percent to 931 homes and the total inventory of residential units on the market dropped by 4.8 percent to 4,624 units.

Vicki Trapp, president of the Chattanooga Realtors group, said snow and cold weather during the month may have depressed sales. She said the outlook for the rest of the first quarter is mixed.

"While most business owners are preparing their year-end taxes throughout the first quarter, they'll also continue to keep a close eye on where the nation's economy stands," Trapp said.