Another double-digit increase for home sales, prices

Home sales and prices continued at a double-digit pace in May despite a slight softening from April’s totals.  

“There are some ever-so-slight declines in sales and prices, but the overall market shows no immediate signs of cooling down,” NETAR President Kristi Bailey said. “Last month’s average sales price was 27.8 percent higher than May last year, and sales were up 26.6 percent. Sales declined by one from April, and the average sales price was down $2,289.”  

There were 795 closings last month, and the average sales price was $232,772. The median sales price was $190,000, up 18.8 percent from May last year. 

At month’s end, the area monitored by the Northeast Tennessee Association of Realtors (NETAR) had 1.3 months of inventory on the market. The monthly total was less in the region’s city markets. There were several days when the real-time active listings count dropped to 50 or a little more in some markets. 

There were 1,048 active listings, up from 995 in April. That’s almost half fewer than this time last year.  

New listing increased by 73 for a May total of 1,055. The increase didn’t have any affect on active listings because sellers accepted 1,083 offers.  

The largest share of May sales was in the $200,000-to-$250,000 price range. They accounted for 10.9 percent of all sales.  

Last month’s average listing price was $338,082, up 23.3 percent from last year, and the median listing price was $217,950, up 9 percent from last year.