U.S. existing-home sales dropped 2.5% from the previous month and 4.2% from a year ago, totaling an annual rate of 3.86 million units, according to the National Association of REALTORS® (NAR). At the same time, home prices hit new highs, with a median sales price of $416,700, marking a 3.1% increase from last year.
In the Chattanooga area, new listings rose 10.5% to 1,252, and pending sales increased 13.0% to 896. Inventory surged 51.3% to 2,969 units. The median sales price held steady, while days on market went up 17.1% to 41, and months of inventory climbed 52.2% to 3.5.
Nationwide, despite slower sales, inventory continues to grow, with 1.35 million units for sale in September—up 0.7% from the previous month and 22.7% from last year. NAR Chief Economist Lawrence Yun believes that the rise in inventory and decreasing mortgage rates may lead to improved sales in the near future.