According to Northeast Tennessee Association of Realtors President Eric Kistner, new pending home sales made a modest 18 percent gain in April over last year in the seven counties covered by the Realtors group.
There are now 1,140 homes under contract that have not yet closed, a 13-month high for the region.
At the same time, new listings fell in March and April, putting April’s active listings 21 percent lower than the same month last year.
There is now 5.39 months of inventory on the market, meaning, at the current sales rate, it would take 5.39 months to sell all of the available houses. Last April, there was 8.12 months of available inventory.
“Increasing sales and a tight inventory are pushing listing a sales prices,” Kistner said. “The average increase is not as much as those reported in some metro areas, but it’s better than what we’ve seen in the past couple of years.”