The market never stays still. Looking at the latest numbers from April, both across the country and here in Greater Chattanooga, we’re seeing a mix of challenges and opportunities emerge.
Shifts in inventory, pricing and buyer activity continue to shape the conversations we’re having every day with our clients. Now more than ever, understanding these patterns is critical to navigating a market that’s adjusting to new realities.
U.S. existing-home sales decreased 5.9% month-over-month and 2.4% year-over-year to a seasonally adjusted annual rate of 4.02 million units, according to the National Association of Realtors (NAR), as affordability challenges and economic uncertainty weigh on market activity.
Sales were down month-over-month in all four regions, with the West experiencing the largest decline, at 9.4%.
New listings in the Chattanooga region increased 5.3% to 1,443. Pending sales decreased 3.25 to 1,004. Inventory increased 41.5% to 2,995.
The median sales price increased 2.8% from $321,104 to $330,000. “Homes spent 11.9% more time on the market, averaging 47 days, and the months’ supply of inventory climbed 40% to 3.5.
Total housing inventory increased 8.1% month-over-month for a total of 1.33 million units heading into April, equivalent to a four-month supply at the current sales pace, according to NAR.
Although inventory is up nearly 20% from the same time last year, the additional supply has had little effect on home prices across much of the country, with the national median existing home price climbing 2.7% year-over-year to $403,700 as of last measure.
While the data shows a softening in sales activity due to affordability challenges and broader economic factors, our local market continues to demonstrate resilience with increased inventory and steady price growth. It’s essential for Realtors to stay engaged, educated and ready to help buyers and sellers navigate these changing conditions. #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.