In today’s market, real estate never stands still – as the latest national and local stats prove. Sales saw a noticeable bump across the country in April, while the Chattanooga region enjoyed encouraging trends in both new listings and inventory levels. These changes are helping to balance the market and creating more options for buyers and sellers alike.
U.S. existing-home sales rebounded from the previous month, rising 4.2% to a seasonally adjusted annual rate of 4.26 million units, the National Association of Realtors reports.
Economists polled by Reuters had forecast sales would fall to a rate of 3.95 million for the month. Purchase activity decreased in the West but increased in the South and in the Northeast, while sales in the Midwest remained unchanged from one month earlier.
New listings in the Chattanooga region increased 16.4% to 1,426. Pending sales increased 11.8% to 1,119. Inventory increased 40.7% to 2,888.
The median sales price increased 2.5% from $325,000 to $333,000. Days-on-market decreased 2% percent to 50. Months-supply-of-inventory increased 37.5% to 3.3.
Heading into March, there were 1.24 million properties for sale – a 5.1% increase from the previous month and a 17% jump from one year ago, for a 3.5-month supply at the current sales pace, according to NAR. While mortgage rates have remained in the mid-to-high 6% range, the additional supply appears to have helped bring some buyers out of the woodwork, even as sales prices continue to rise nationwide.
As we continue into the spring market, the signs of growth are welcome. So is the guidance of a trusted Realtor. Whether navigating prices, inventory or market conditions, Realtors are committed to helping clients make confident, informed decisions. #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.