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Nathan Baker

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Home sales rise in Tri-Cities

August 22nd, 2014 10:04 am by Nathan Baker

Home sales rise in Tri-Cities

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Housing market data released Thursday shows an upward trend in home sales in the Tri-Cities in July, with two of the three municipalities posting double-digit percentage gains over last year.

The Northeast Tennessee Association of Realtors put out its trends report, which charted a 79-month high in homes sales in the Tri-Cities market for 2014’s seventh month and a 7.5 percent rise over the same month last year.

According to the data, which NETAR President Louie Leach called invigorating, 475 single-family homes were sold in the association’s 11-county territory in July, bumping year-to-date sales to 2,782, up 6.6 percent from last year.

The local home sales averaged 397 per month over the first seven months of the year, putting the sales pace at five per month better than 2007, before the housing market crash of 2008.

Johnson City led in home sales last month with 75, up from 60 last year. Year-to-date, 396 homes were sold in the city, an increase of 17.2 percent from 2013.

Kingsport also posted a double-digit gain of 18.4 percent from July of last year, with 58 home sales, putting the city at a 23-month high.

Bristol’s sales weren’t quite as robust, according to Leach, with 16 homes sold on the Virginia side, an increase of five from last year, and 27 in Tennessee, a decline of one from July 2013.

In other communities, Elizabethton showed big gains after a slump in June. Eighteen single-family homes sold in July, a 63.6 percent increase from last year and a 26-month high for the city.

Leach notes that the sale prices of homes in the region hasn’t grown quite as strongly as the number of sales.

Over the NETAR’s coverage area, the average price of homes sold was $165,707 last month, a $7,200 increase from last year. The average price for the year was down 2.1 percent.

Foreclosures are also down, according to the data, falling to 12.8 percent of existing home sales in July, the lowest proportion this year and 2.1 percent less than July last year.

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