The real estate market never takes a summer break, and July’s numbers reflect the continued shift we’ve seen in recent months. While national trends point to a cooling in sales activity, our local Chattanooga market tells a more detailed story. From inventory growth to rising median prices, understanding these trends is key to making smart moves, whether you’re buying, selling or advising clients.
U.S. existing-home sales fell 2.7% from the previous month to a seasonally adjusted annual rate of 3.93 million, the National Association of Realtors reports. Sales were unchanged from one year earlier. Regionally, monthly sales declined in the Midwest, Northeast and South but rose in the West. Year-over-year sales decreased in the Northeast and West but increased in the South and Midwest.
New listings in the Chattanooga region increased 10.1% to 1,538. Pending sales increased 12.2% to 966. Inventory increased 26.6% to 3,421.
The median sales price increased 6.1% from $329,900 to $350,000. Days-on-Market increased 25.6% to 49. Months-supply-of-inventory increased 21.9% to 3.9.
Nationally, the median existing-home sales price rose 2% year-over-year to $435,300, a new monthly high and the 24th consecutive month of annual price gains, according to NAR.
Slower sales activity has contributed to rising inventory this year, with 1.53 million properties listed for sale heading into July – a 15.9% increase from the same time last year and equivalent to a 4.7-month supply at the current sales pace.
As we move further into the third quarter, keeping an eye on local inventory, pricing and buyer demand will be essential.
Realtors are here to help interpret these shifts and offer sound advice tailored to each client’s needs. In any market, having a trusted professional by your side makes all the difference. #That’sWhoWeR
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 services 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.