Area home sales increased in July, according to the Greater Chattanooga Association of Realtors.
"Although the unemployment rate remains a factor to watch, the housing recovery continues to plug along, helping the greater economy with flourishing activity in sales and prices," Mark Blazek, president of the local association, said in a prepared statement. "Housing has made a positive contribution to real GDP growth for 11 consecutive quarters."
The economy added 162,000 jobs in July—fewer than expected—and the national unemployment rate inched down from 7.6 to 7.4 percent, according to the Bureau of Labor Statistics.
The unemployment rate in Chattanooga was at 8.5 percent in June, also according to the Bureau of Labor Statistics.
In Chattanooga, home sales rose 1.3 percent from this time last year, with 645 residential units sold, according to the local Realtor association.
New listings in the region rose to 20.4 percent, with 1,223 homes.
Inventory decreased by 1.3 percent to 5,243 units.
The local median sales price increased by 8.5 percent to $153,500.
Days on market decreased by 7.9 percent to 117 days, and the month's supply of inventory decreased by 8 percent.
It's now at 9.2 months, which indicates that demand increased relative to supply.
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