July’s housing report shows why local context matters.
Existing-home sales slowed from the previous month, but year-over-year activity was still higher, the National Association of Realtors found.
Here in the Chattanooga region, the picture looked steady in a different way. New listings were nearly even with last year, pending sales climbed, inventory continued to build and homes spent slightly less time on the market.
In other words, buyers and sellers were still making decisions, but they were doing so in a market in which pricing, timing and preparation all deserved close attention.
U.S. existing-home sales declined 2.4% from the previous month to a seasonally adjusted annual rate of 4.09 million units, according to the National Association of Realtors (NAR).
Regionally, sales increased in the Northeast but declined in the West, South and Midwest. Compared with a year earlier, existing-home sales rose 2.8%, with gains in the Midwest, South and West while remaining unchanged in the Northeast.
New listings in the Chattanooga region increased 0.7% to 1,552. Pending sales increased 10.7% to 1,031. Inventory increased 21.3% to 4,099.
The median sales price increased 2.9% from $349,900 to $360,000. Days on market decreased 2.0% to 48. Months supply of inventory increased 15.4% to 4.5.
Nationally, the median existing-home price hit a record of $440,600, a 1.8% increase from a year earlier, NAR reported.
Home prices have now increased on an annual basis for 36 consecutive months, reflecting continued demand despite inventory remaining below historically balanced levels.
Heading into July, there were 1.56 million properties for sale, down 0.6% month-over-month but up 1.3% from the same period last year, representing a 4.6-month supply at the current sales pace.
Homes spent a median of 28 days on the market, with first-time homebuyers accounting for 33% of home purchases.
For consumers, July’s numbers point to a market that was moving, but not in the same way in every price range or location. Buyers had more inventory to consider, while sellers could still benefit from continued demand when a home was positioned well.
A local Realtor can help you read the market clearly and make confident decisions from the first conversation to the closing table.
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 serves Hamilton and Sequatchie counties in southeast Tennessee and Catoosa, Dade and Walker counties in northwest Georgia. For more information, visit gcar.net or call 423 698-8001.