Is the region's housing market still peaking?

Hank Hayes • Aug 15, 2018 at 10:00 PM

GRAY — Northeast Tennessee home sales posted their seventh straight record month in July, according to a report released Wednesday by the Northeast Tennessee Association of Realtors (NETAR).

“We’re seeing a record sales pace despite a slight slowing since May when the market peaked,” said NETAR President Aaron Taylor. “There was also a small increase in new listings, so we’re headed into the closing months of the summer with some fresh inventory. But even with those new listings, our inventory remains at record low levels.”

In July, the 11-county region monitored by NETAR had 3.6 months of inventory. Six months is considered normal market conditions.

NETAR reported 620 closings on single-family home sales, up 5.4 percent from July last year. The average sales price of $172,465 was down $257 from July last year.

Townhome and condominium closings were down 8.6 percent from July last year, and the average sales price was $130,847 — a $13,533 improvement over last year.

So far this year, sales are 8.5 percent better than they were during the first seven months of last year, Taylor said. The average year-to-date price is also $6,147 (3.7 percent) better than last year.

"So, even with some signs of an early seasonal slowing, the seven-month trend is on pace for the region’s eighth straight year of annual sales increases,” Taylor noted. “And despite the tight inventory, our price appreciation has not pushed single-family resales out of the affordability range.”

July’s time on market for an average closing was 111 days, and the average for a condo or townhome sale was 138 days.

In Kingsport, there were 467 sales, up 58 with an average price of $175,581, up $266. In Sullivan County, there were 1,147 sales, up 95 with an average price of $170,716, up $4,529. In Hawkins County, there were 329 sales, up 23 with an average price of $146,579, up $6,484. In Wise County, there were 121 sales, up 24 with an average price of $107,759, up $5,336. In Scott County, there were 75 sales, up 4 with an average price of $87,903, down $16,327. In Lee County, there were 24 sales, up 7 with an average price of $95,398, up $16,842.