NETAR, which is the area’s largest housing trade organization, reported 620 closings on single-family home sales in July throughout a region that spans Northeast Tennessee and parts of Southwest Virginia.
That figure represents an overall 5.4 percent increase from July 2017. The average sales price of $172,465 was down $257 from the same period last year.
Sullivan County leads the region in the number of home sales this year with 1,147 through July. Washington County is second with 1,034 homes sold this year, which is 55 more than recorded for the first seven months of 2017.
The average sales price this year in Washington County is $217,085, an increase of $9,133 from last year.
Johnson City leads the region among cities with 500 homes sold through July. That number is up 55 from the figure posted for the first seven months of 2017. The average sale price for homes, however, is down $849 from the $277,113 posted last year.
Kingsport has recorded 467 home sales this year, followed by Bristol with 189 and Greeneville with 112 homes sold.
“We’re seeing a record sales pace despite a slight slowing since May when the market peaked,” NETAR President Aaron Taylor said. “There was also a small increase in new listings, so we’re headed into the closing months of the summer with some fresh inventory.”
Even with those new listings, Taylor said available housing remains “at record low levels.” In July, the 11-county region monitored by NETAR’s Trends Report had 3.6 months of inventory. Six months is considered normal for market conditions.
While townhouse and condominium closings were down 8.6 percent from the same point in July 2017, the average sales price last month was $130,847, which is $13,533 better than the previous year.
“So, even with some signs of an early seasonal slowing, the seven-month trend is on pace for the region’s eight straight year of annual sales increases,” Taylor said. “And despite the tight inventory, our price appreciation has not pushed single-family resales out of the affordability range.”