National Home Sales Report

This Month in Real Estate - Dec 2018

CHATTANOOGA HOME SALES

Chattanooga (January 20, 2019) - Home prices were consistently up again in most markets in 2018 but at reduced levels compared to recent years. High demand for few homes for sale fueled price increases, but evidence is mounting that inventory will finally improve in 2019. This may apply some downward pressure on prices for beleaguered home buyers. A fourth interest rate hike by the Federal Reserve in 2018 spooked the stock market to close out the year. The Fed has indicated that the number of rate increases in 2019 will be halved, which may be of little comfort to an already compressed consumer. More >>>>

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NATIONAL HOME SALES

Existing-Home Sales See 6.4 Percent Drop in December

WASHINGTON (January 22, 2019)– After two consecutive months of increases, existing-home sales declined in the month of December, according to the National Association of Realtors®. None of the four major U.S. regions saw a gain in sales activity last month.

Lawrence Yun, NAR’s chief economist, says current housing numbers are partly a result of higher interest rates during much of 2018. “The housing market is obviously very sensitive to mortgage rates. Softer sales in December reflected consumer search processes and contract signing activity in previous months when mortgage rates were higher than today. Now, with mortgage rates lower, some revival in home sales is expected going into spring.” More >>>>

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If you’re interested in buying or selling a home or development property, we’d love to help. Please reach out for any questions or to learn more about the process. We’re here as a resource for you!

Cheryl Fuqua, ABR, CRS
(423) 505-4880
Cheryl@cherylfuqua.com

Brad Fuqua, Broker
(423) 605-5167
Brad@bradleyfuqua.com