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Regional home sales post 12th straight increase

Hank Hayes • Updated Sep 18, 2017 at 3:19 PM

GRAY — Northeast Tennessee single-family home sales posted their 12th consecutive year-over-year increase in August, according to a report released Monday by the Northeast Tennessee Association of Realtors (NETAR).

NETAR said there were 593 closings on single-family resales in the 11-county region monitored by its Trends report, up 0.3 percent from August last year. The average sales price was $172,215, up 15.4 percent from last year and the highest August price since 2008.

Condo closings totaled 46, down three from last year. The average sales price was $124,466, up 4.6 percent from last year.

The region had 4.6 months of inventory in August. Active listings were down 22.1 percent from last year.

"What's more impressive than the August-to-August market comparison is the year-to-date report," NETAR President Eric Kistner observed. "It shows we're moving into the fall season with the strongest market we've seen since the recession."

So far this year, 4,166 sales on single-family homes and 399 condos have closed. The combined sales volume during the first eight months of this year is $748.8 million compared to $684.8 million during the same period last year. That's a 9.8 percent increase and reflects the cumulative price increases that are being driven by a tight inventory and robust sales, Kistner noted.

The average single-family home sale that closed in August was on the market for 133 days. For condos, it was 110 days.

In Kingsport, there were 58 sales, down nine, but the average price was $201,916, up $51,359. In Sullivan County, there were 168 sales, up one and the average price was $177,943, up $30,609.

For more go to www.netar.us.

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