Chattanooga area home sales in August fell to 480 units, down 9.1 percent from August 2009, in what Randy Durham, president of the Chattanooga Association of Realtors, called “an epidemic of thrift.”
From the July 2010 low of 446, August sales actually climbed 7.6 percent, but it wasn’t enough to convince Bobby Teems, Chattanooga Area MLS president, that the market has turned around.
He noted that “both existing and new home sales have been down for the last two months, even falling below market consensus,” which could be due in part to “the jobless level of over 22,500 folks out of work.”
Meanwhile, the local median home price shot up 2.6 percent in August to $133,250, up from $129,950 from the previous year, while the average days on market remained unchanged from July at 115.