One number rarely tells the whole story of a housing market – and September is a good example.
The National Association of Realtors reported another decline in existing home sales nationally, while here in the Chattanooga region we saw more new listings and a larger supply of homes than a year ago. At the same time, pending sales softened, homes took longer to sell and the median sales price held steady.
Put together, those numbers point to a market where the pace has changed, even though people are still buying and selling homes.
U.S. existing-home sales fell 2% from the previous month and 1.2% from a year earlier to a seasonally adjusted annual rate of 3.98 million – the first reading below 4 million since June 2025, according to NAR.
Sales held steady in the West and declined in the Northeast, Midwest and South. Compared with a year earlier, sales were unchanged in the South and declined in the Northeast, Midwest and West.
New listings in the Chattanooga region increased 4.1% to 1,373. Pending sales decreased 2.9% to 797. Inventory increased 16.8% to 4,106.
The median sales price was dead even with last year. Days-on-market increased 21.7% to 56. Months-of-supply increased 9.8% to 4.5.
Heading into September, there were 1.62 million homes listed for sale, up 3.2% from the previous month and 5.9% from a year earlier – the first time inventory has exceeded 1.6 million units since November 2019, NAR reported. That represents a 4.9-month supply at the current sales pace, up from 4.6 months a month earlier and the highest level in over 10 years, according to NAR Chief Economist Lawrence Yun.
The median existing-home sales price rose 1.6% year-over-year to $429,100, marking 38 consecutive months of annual gains, and year-to-date sales are up 1.6%.
The Federal Reserve raised its benchmark rate by a quarter point on Sept. 16 to a range of 3.75% to 4% – its first increase since July 2023 – and the 30-year fixed-rate mortgage moved above 7% in late September, up from an August average of 6.67%, according to Freddie Mac.
September’s numbers remind us that a changing market can spark different conversations at the kitchen table. Buyers might find they have more time to evaluate a property and discuss the terms that matter to them. Sellers might need to carefully consider how their home compares with the competition and what appeals to today’s buyers.
The regional numbers show the big picture, but a local Realtor can focus in on the details that matter most for a particular home, price range or area.
Greater Chattanooga Realtors is the voice of real estate in greater Chattanooga. A regional organization with nearly 3,000 members, Greater Chattanooga Realtors is one of some 1,200 local boards and associations of Realtors nationwide that comprise the National Association of Realtors. Greater Chattanooga Realtors serves Hamilton and Sequatchie counties in southeast Tennessee and Catoosa, Dade and Walker counties in northwest Georgia. For more information, visit www.gcar.net or call 423 698-8001.