With mortgage rates easing from last year’s highs, we’re seeing signs of renewed buyer activity alongside continued growth in available homes.
Nationally
National figures point to a steadier pace of sales. Locally, we’re experiencing a market that offers more choice for shoppers and a bit more time to make decisions.
It’s not the frenzied environment of recent years, which can be a positive for both sides of the table, as reflected in the latest report from the National Association of Realtors.
U.S. existing-home sales climbed 1.5% month-over-month and 4.1% year-over-year, reaching a seasonally adjusted annual rate of 4.06 million units, according to the NAR. The increase was partly driven by falling mortgage rates, which recently hit their lowest level in more than a year. Regionally, monthly sales advanced in the Northeast, South and West, while the Midwest experienced a slight decline.
The median existing-home price grew 2.1% year-over-year to $415,200, continuing the trend of annual price gains. The Midwest saw the largest year-over-year increase in median sales price, followed by the Northeast and South, while prices remained mostly flat in the West.
Housing inventory edged up 1.3% from the previous month to 1.55 million units, 14% higher than the same period last year. This represents a 4.6–month supply at the current sales pace, according to the NAR.
Locally
New listings in the Chattanooga region increased 2.3% to 1,333. Pending sales increased 3.3% to 881. Inventory increased 22.8% to 3,657.
The median price fell 5.7%, slipping from $350,000 to $330,000. Time on the market rose 8.7% to 50 days. The supply level climbed 20% to 4.2 months.
As fall unfolds, the picture is one of balance: sellers still benefit from solid demand and buyers gain leverage from rising inventory and clearer pricing signals. If you’re planning a move, get preapproved, align your goals and partner with a local Realtor who can translate these trends into a smart strategy. In any market cycle, informed guidance is your advantage.
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 service 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.