As fall approaches, August housing data shows a market still adjusting to shifting supply and buyer demand.
National home sales posted a modest increase, while locally the picture was more mixed, with inventory climbing and prices edging down slightly. These monthly stats help both buyers and sellers understand the pace of the market and where opportunities might lie.
U.S. existing-home sales rose 2% month-over-month and 0.8% year-over-year to a seasonally adjusted annual rate of 4.01 million units, according to the National Association of Realtors. Economists polled by Reuters had forecast a rate of 3.92 million units. Regionally, sales increased on a monthly basis in the West, South and Northeast, but declined in the Midwest.
In the Chattanooga region, new listings fell 5.3% to 1,422, pending sales rose 5.6% to 978, and inventory climbed 20% to 3,475. The local median sales price decreased 1.5% from $340,000 to $335,000. Days on market increased 18.4% to 45, while months supply of inventory rose 17.6% to four.
Nationally, 1.55 million units were listed for sale heading into August, up 0.6% from the previous month and 15.7% higher than the same time last year, representing a 4.6-month supply at the current sales pace, NAR reports.
National inventory reached its highest level since May 2020, slowing price growth in many markets. As a result, the national median existing-home sales price rose just 0.2% year-over-year to $422,400.
With inventory rising and demand steady, informed guidance is more important than ever. Whether you’re navigating pricing strategies, managing buyer expectations or timing your next move, Realtors are here to interpret the trends and provide clarity in a changing environment.
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.