Chattanooga home sales drop
Chattanooga Realtors sold 509 homes last month, down 8 percent from the 553 homes sold in the same month a year ago and off 9 percent from the level reached in November 2012, according to multiple listing sales reported by the Greater Chattanooga Association of Realtors. Despite the decline in the number of homes sold last month, the median sales price of homes sold in Chattanooga during November increased 12.5 percent to $149,500. The average home sold in Chattanooga last month in 133 days.
WASHINGTON (AP) – Fewer Americans bought homes in November as buying slid to its slowest pace in six months.
The National Association of Realtors said Monday that sales of existing homes fell 6.1 percent to a seasonally adjusted annual rate of 4.93 million. That was down from a revised annual pace of 5.26 million in October. Over the past 12 months, sales have risen 2.1 percent.
The combination of higher home prices and relatively stagnant incomes has reduced affordability and restrained buying activity. A recent decline in mortgage rates has yet to lure more buyers into the market. At the same time, fewer distressed properties and bargains, which tend to attract investors, are coming onto the market.