U.S. existing home sales increased for the first time in 5 months, as lower mortgage rates and rising supply helped boost market activity. According to the National Association of REALTORS® (NAR), sales of previously owned homes rose 1.3% month-over-month to a seasonally adjusted annual rate of 3.95 million units, exceeding economists’ expectations and ending the downward trend of recent months.
New Listings in the Chattanooga region are also experiencing encouraging growth, with a significant increase of 22.9 percent from 1,207 to 1,483. Pending Sales were up 10.3 percent to 978. Most notable is the increase in inventory levels, which grew 62.2 percent to 2,880 units.
The Chattanooga region has continued to see prices gain traction. The Median Sales Price increased 3.0 percent to $339,900. Days on Market were up 6.5 percent to 33 days. Buyers felt empowered to explore their options as Months Supply of Inventory was up 61.9 percent to 3.4 months.
NAR’s national data shows total housing inventory edged up 0.8% from the previous month to 1.33 million units heading into August, for a 4.0-month supply at the current sales pace. Although inventory is up nearly 20% compared to the same time last year, demand continues to outpace supply, putting upward pressure on sales prices. According to NAR, the nationwide median existing home price rose 4.2% year-over-year to $422,600 at last measure, marking the 13th consecutive month of annual price increases.
For both buyers and sellers, these changes present new opportunities and challenges. Buyers are benefiting from the increased inventory and slightly longer market times, giving them more flexibility in their decisions. Meanwhile, sellers continue to see strong demand and rising prices, making it an attractive time to list properties
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As the housing market continues to evolve, it’s important to stay informed about these shifts. Whether you’re looking to buy or sell, now is a great time to explore your options and work with a trusted REALTOR® to navigate this dynamic market. #ThatsWhoWeR
Founded in 1912, Greater Chattanooga REALTORS® is the voice for real estate in Greater Chattanooga. A regional organization with more than 2,700 members, Greater Chattanooga REALTORS® serves Hamilton and Sequatchie counties in southeast Tennessee and Catoosa, Dade, and Walker counties in northwest Georgia. The Association is one of approximately 1,100 local associations/board of REALTORS® nationwide that comprise the National Association of REALTORS®. Greater Chattanooga REALTORS® owns and operates a Multiple Listing Service (MLS), which is one of approximately 600 MLSs in the country and services more than 3,000 MLS users. Local Association membership is comprised of REALTORS® servicing the Greater Chattanooga area and specializing in a variety of disciplines – appraisal, commercial, industrial, land, multi-family, property management and residential. Working alongside REALTORS® are our Affiliate members, who represent related industries in sympathy with the objectives of the Association. Our Affiliate members include mortgage lenders, home inspectors, title and closing services, pest inspection and control and insurance.