Local Home Sales Return To Hot Market Zone

GRAY — Tri-Cities area home sales increased 9.5 percent in July and the average sales price continues to go up, according to a report from the Northeast Tennessee Association of Realtors (NETAR). NETAR reported the increase was driven by a strong condominium-townhome rebound and better-than-average single-family sector performance. There were 737 residential closings last month, and the average sales price was $183,752, NETAR said. The seven-month trend for residential closings is up 3.4 percent, and the average price trend is up 4.5 percent. “The biggest headwind continues to be inventory,” said NETAR President Karen Randolph.