Local home prices still trending upward

Hank Hayes • Updated Aug 16, 2017 at 4:16 PM

GRAY — Home sales in the Tri-Cities region held steady against a tight inventory in July while prices scored their 11th straight year-over-year gain, according to a Trends Report released Wednesday by the Northeast Tennessee Association of Realtors (NETAR).

“July was the first time in four months single-family home sales were better than last year. That’s noteworthy even though it was only by three sales,” NETAR President Eric Kistner said in a release. “As expected, price gains were smaller in July than June due to seasonal softening, but they continue trending higher.”

According to NETAR’s Trends Report, there were 588 closings on previously owned, single-family home sales in July. That’s three more than July of last year. The average sales price was $172,722, down $6,969 from June but $6,191 higher than July 2016.

Closings on condominium and townhome sales also saw some seasonal slowing. The Trends Report showed 58 closings compared to 48 last year, and the average sales price was $117,314, down $12,522 from last year’s average.

Still, neither the seasonal slowing nor the inventory squeeze has pushed sales or prices below the year-to-date trend, Kistner said. So far this year, sales are 2.1 percent better than the first seven months of last year, and the seven-month average sales price is 4.7 percent higher.

New listings were also up 3.5 percent in July. “That’s encouraging, but it’s not enough to ease the squeeze,” Kistner said. July’s active listings were 22.2 percent lower than July last year. That gave the 11-county region monitored by the Trends Report 4.1 months of inventory. Six months inventory is considered normal market conditions.

The average single-family home that closed in July was on the market for 118 days — the lowest monthly days on market total since 2008. The average condo sold was on the market for 143 days.

For more, go to www.netar.us.

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