Hamilton Herald Masthead


Front Page - Friday, July 21, 2023

New listings, inventory, sales down in June, prices up

Temperatures continue to heat up, yet the U.S. housing market remains cooler than usual for this time of year due to a combination of low inventory and higher borrowing costs, which together have restricted market activity during the summer homebuying season.

National existing-home sales climbed 0.2% from the previous month but were down 20.4% compared to the same time last year as fluctuating mortgage rates and a near all-time low level of inventory continue to influence home sales, the National Association of Realtors reports.

Nationwide, total housing inventory increased 3.8% from the previous month, for a three-month’s supply at the current sales pace.

The shortage of homes for sale has kept prices high for remaining buyers, with a national median sales price of $396,100 as of last measure, a 3.1% decline from the same time last year and the largest annual decrease since December 2011, the NAR reports.

As demand continues to outpace supply, properties are selling quickly, with the majority of homes listed for sale on the market for less than a month.

Locally, new listings in the greater Chattanooga area decreased 26.7% to 1,219. In June 2022, there were 1,662 new listings.

Pending sales were down 7.2% to 975 from June 2022 (1,051). Inventory levels shrank 6.7% to 1,778 units. This was a slight decrease from 1,905 in June 2022.

Prices continued to gain traction. The median sales price increased 4% over June 2022 ($326,900) to $339,950.

Days on market was up 130.8% over June 2022 (13 days) to 30 days. Buyers felt empowered as months supply of inventory was up 11.1% to 2.0 months.

One thing that’s certain is nothing stays the same. This is especially true in the real estate market. We currently find ourselves in a time of change, so if you’re looking to enter the housing market, whether it’s to buy or sell, utilizing the expertise of a Realtor is critical.

Realtors have the tools and the data to help make the most out of your most valuable investment. That’s Who We R.

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 boards of Realtors nationwide that comprise the National Association of Realtors. Greater Chattanooga Realtors owns and operates a multiple listing service, which is one of approximately 600 MLSs in the country and services more than 3,000 users. Local association membership consists of Realtors servicing the Greater Chattanooga area and specializing in a variety of disciplines – appraisal, commercial, industrial, land, multifamily, 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.