Chattanooga Home Sales in November
In November of 2018, the number of closed home sales were down by 6.4%. The minor slow down is attributed to affordability concerns as home prices continue to rise and as mortgage rates rise. Rising mortgage rates make one's monthly payment higher, but the Freddie Mac average interest rate is still only 4.94%. That's still 1% lower than in 2008.
Pending home sales were up by 1.5% in November, meaning that more homes will be closing in December than in the previous year. The Walldorfs and most other agents I have spoken to have been busy in December with people buying and selling homes, so I would guess that the home sales numbers will be good in December.
Unemployment is still very low at 3.7%, which continues to be a good sign for housing and for the economy in general. December has had some stock market uneasiness, but it is still too early to tell if the stock market fluctuation will last or is only temporary.
The good news for home sellers is that the median sales price was up 6.2% in November with 5.9% less homes on the market. Less competition and better pricing is always good. The average amount of days that a home spends on the market is down by 14% in November as well.
Need to buy or sell a home?
Call Nathan Walldorf at 423-544-7700.
The Group Real Estate Brokerage