U.S. existing-home sales rose 3.4% month-over-month and 2.9% year-over-year to a seasonally adjusted annual rate of 3.96 million units in October, exceeding economists’ expectations and marking the first annual gain since July 2021, according to the National Association of REALTORS® (NAR). The increase in sales was fueled by lower mortgage rates in late summer and early fall, boosting activity across all four regions of the country.
In the Chattanooga region, housing market activity also saw positive growth. New listings increased 4.2% to 1,001, while pending sales surged 16.4% to 781. Inventory climbed 35.1%, reaching 2,909 available homes. The median sales price in the Chattanooga area rose 9.5%, from $306,000 to $335,000, reflecting strong demand amidst limited supply. Additionally, the average days on market increased 10.0%, now standing at 44 days.
Nationwide, the number of homes for sale continued to improve, increasing 0.7% month-over-month and 19.1% year-over-year to 1.37 million units in November. This corresponds to a 4.2-month supply at the current sales pace. Despite the growing inventory, home prices have remained strong at the national level, with the median existing-home price reaching $407,200, a 4% increase from the same time last year.