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New contracts for home sales flatten out

Hank Hayes • Jul 31, 2017 at 5:45 PM

GRAY — New pending home sales saw their first month-over-month decrease this year, the Northeast Tennessee Association of Realtors (NETAR) reported on Monday.

"That's consistent with the flattening of the sales trend that we saw in the June Trends Report," NETAR President Eric Kistner said in a news release.

NETAR's Pending Home Sales Report shows 797 new approved contracts at the end of July, down three from the previous month. A Realtor Property Resource count of the total new contracts lists 1,142 waiting for closings. That's 50 more than in May and 248 more than there were in June last year.

NETAR said the difference between the number of new contracts and the total is due to the time lag between when a contract is accepted and when it moves to closing. That typically takes five to six weeks, Kistner said.

The tight inventory we've seen for the past year combined with high sales volume moved prices to a nine-year high in June, and it looks like we'll see more of the same when the July closings numbers are reported, Kistner added.

At the end of June, the 11-county region monitored by NETAR's Trends Report had four and a half months of inventory — a month less than last year and almost four months less than June 2015. At the same time, the average listing price for existing homes was 8.9 percent higher than it was during the first half of last year.

So far, the number of new listings on the market is slightly below the total for the first six months of last year, but total active listings are down by almost 4,000, Kistner said.

For more, go to www.netar.us.

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