Stories of Technology, Innovation, & Entrepreneurship in the Southeast

After a dramatic decline in June, home sales continued to recover in August. That’s according to the latest Market Pulse report from East Tennessee Realtors.

Mortgage rates remained below 7 percent for the entirety of August, for the third month in a row. The inventory was 42.5 percent higher than this time last year and is increasing month-over-month likely helping the rate of home sales. There was a 4.3 percent increase in active listings from July to August, slightly lower than the June to July increase. The median sale price decreased month over month for the second month in a row.

Knox County saw home sales increase 9.8 percent from the previous year and 5.7 percent over the previous month. The data shows a 52.6 percent increase in inventory over this time last year and a 7 percent increase month-over-month.

Other interesting data points included:

• The median sale price was $365,000 — up 4.29% from the previous year.
• Half of the homes sold were under contract in 20 days or less, up from 10 days a year ago.
• Almost 44 percent of homes – 43.76 percent to be exact – sold for the asking price or above, with 21.20 percent selling for more than the asking price, 9.41 percent sold for at least $10,000 over asking price, and 3.23 percent sold for at least $25,000 over asking price.

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