U.S. existing home sales increased for the first time in five months as lower mortgage rates and rising supply helped boost market activity.
Sales of previously owned homes rose 1.3% month-over-month to a seasonally adjusted annual rate of 3.95 million units, the National Association of Realtors reports, 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% from 1,207 to 1,483. Pending sales were up 10.3% to 978. Most notable is the increase in inventory levels, which grew 62.2% to 2,880 units.
The Chattanooga region has continued to see prices gain traction. The median sales price increased 3% to $339,900, while days on market were up 6.5% to 33 days. Buyers felt empowered to explore their options as months-supply-of-inventory was up 61.9% to 3.4 months.
The 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 four-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.
As the housing market continues to evolve, staying informed about these shifts is important. 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 and board of Realtors nationwide that comprise the National Association of Realtors. Greater Chattanooga Realtors owns and operates a multiple listing service that is one of approximately 600 MLSs in the country and that services more than 3,000 users. Local association membership is comprised of Realtors servicing the Greater Chattanooga area and specializing in a variety of disciplines, including 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.