Tuesday, November 25, 2014 · 6:09 p.m.

October brings strong month of home sales

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Home sales remained strong in October. (Photo: Staff)

Home sales increased last month in the area, and leaders of the Greater Chattanooga Association of Realtors reported that the October numbers represent a continued trend toward economic recovery. 

"It's been a giant year for the housing market, as we round out the remaining two months of 2012," according to a news release from association members. "Most markets shed listings, resulting from strong sales and lessoned seller activity."

Closed sales in Chattanooga increased by 31.3 percent, and new listings in the regional market went up 17.8 percent compared to the same time period last year. 

But overall inventory available for sale shrank 10.4 percent to 4,814 units.

"There has been a general easing of foreclosures and short sales, meaning distressed listings are dragging prices down less right now than in recent years," according to the news release. 

The median sales price increased 12.4 percent to $144,601. 

The number of days on market decreased by 6.9 percent to 212 days. 

“The economy is growing, but not at the pace most of us desire, and economic growth in 2013 is expected to outpace 2012, which is positive if this prediction becomes a reality. Mortgage rates are expected to remain near historic lows through 2015, [and] rents are expected to rise due to low vacancy," Mark Hite, Greater Chattanooga Association of Realtors president, said in a prepared statement. 

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