Chattanooga home sales rise in first half of the year

Chattanooga home sales rise in first half of the year

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

Vicki Trapp

Vicki Trapp

Photo by Tim Barber /Times Free Press.

Home sales began to bloom for local Realtors in June.

The Greater Chattanooga Association of Realtors said today that local agents sold 735 residential units last month, or 11.2 percent more than in June 2013. The median price of homes sold in June in Chattanooga was $150,000, down 1.6 percent from a year ago.

In the first half of the year, Chattanooga home sales were up 3.8 percent and median home prices increased 6.6 percent as the economy continued to mend from the housing-led recession in 2008-2009

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.

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

"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."