1. Inventory has fallen under the 3 month supply line for the second time in the last three years.
2. Closings are WAY up, especially for July.
3. Active listings are still mostly flat, and certainly not helping our inventory problems.
4. Sales prices are still BOOMING. Average sales price for a 3 BR home was up almost 21% in 2019 from 2018. That’s a big increase, in case you were wondering.
5. Interest rates are still well below 4%, so money is still super cheap.
6. Y’all are going to ask me what this all means and I’m going to tell you I simply do not know. Every time I think we have yee hawed the last of the wild west out of this market, it just seems to get a little wilder. Hold on tight, because this bronco ain’t stopped buckin’ yet!
*All information provided by KAAR (Knoxville Area Association of Realtors) and is for the greater Knoxville area including Knox County and surrounding counties. My opinions are just that: opinions. I'm not really an expert in anything, but I do like to write about real estate.