Chattanooga home sales slow in February

Chattanooga home sales slow in February

March 21st, 2014 by Staff Report in Local - Breaking News

Chattanooga Realtors sold 15.1 percent fewer homes last month than they did a year ago, but the median sales price of houses sold was up nearly 18 percent from a year ago to $143,500.

The Greater Chattanooga Association of Realtors counted 417 residential unit sales during February. New listings in the Chattanooga area fell by 2 percent to 934 units and inventory levels shrank 5.3 percent to 4,681 units on the market.

"The economy has more or less shuffled along, despite some climate-induced surprises to job growth and new construction," said Vicki Trapp, president of the Chattanooga Realtors group. "Thankfully, with such low inventory levels, many builders are bullish on new construction. The spring market is budding, and it should be an interesting one."

As mortgage delinquencies fade, banks are listing fewer bargain-priced homes and therefore investor purchases in the market are slowing, Trapp said.

The average home listed by a Chattanooga Relators was on the market for 137 days.