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Pending homes sales indicate another up year for housing market

Johnson City Press • Apr 27, 2018 at 9:51 AM

Real estate experts say early indicators point to another positive year for the Tri-Cities’ housing market.

There were 8 percent more new pending home sales in March compared to the same month in 2017, according to the Northeast Tennessee Association of Realtors’ index. From April this year, pending home sales rose 2 percent.

In the buildup to the annual spring and summer home-buying season, NETAR President Aaron Taylor said the good start may mean continued momentum and a bump in closings.

"So far this year there have been 2,172 new listings. That's down 2 percent from the first quarter last year. At the end of March, we had 7,520 active listings. At the current sales pace that's six months of inventory," Taylor said.

Both sales of existing single-family homes and average sale prices are up from last year, both by more than 10 percent.

With consumer confidence high and the national economy humming along, Taylor predicted demand for new and existing homes will be high.

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