Even with the rising interest rates of late (although the good news at the time of this writing is that this week rates have actually decreased to a four month low), the national housing market seems to be performing rather well. According to the HousingPulse Tracking Survey by Campbell Surveys and Inside Mortgage Finance, although homes sales were down somewhat in September, other factors were very positive.
Here is where we see positive signs in the housing market:
- Time on market fell to a four-year low last month. Based on September data, homes spent an average of 8.6 weeks on the market. A big reason for the importance of this number is that time on market is actually down from the spring home buying season, when the time on market was about 10 weeks.
- Homes are selling for a high percentage of their list price. The sales-to-list-price ratio in September was 97.5%, up from 96.1% in September 2012.
- Sales of distressed properties, home purchases involving foreclosures and short sales, decreased to 24.6% over the three-month period ending in September, marking a four-year low.
For detailed information on the status of particular neighborhoods in Knoxville or to get an estimated value on your Knoxville home contact 865 REAL ESTATE for a no strings attached home evaluation.