U.S. existing-home sales rose 1.5% month-over-month and 4.1% year-over-year, reaching a seasonally adjusted annual rate of 4.06 million units, according to the National Association of REALTORS® (NAR). The uptick was supported by a drop in mortgage rates, now at their lowest level in over a year. Regionally, sales grew in the Northeast, South, and West, while the Midwest saw a slight decline.
In the Chattanooga region, market activity showed continued strength:
- New Listings increased 2.3% to 1,333.
- Pending Sales rose 3.3% to 881.
- Inventory grew 22.8% to 3,657.
Meanwhile, the Median Sales Price slipped 5.7%, from $350,000 to $330,000, and Days on Market rose 8.7% to 50. The Months Supply of Inventory also climbed 20.0%, reaching 4.2 months.
Nationally, housing inventory ticked up 1.3% from the prior month to 1.55 million units, marking a 14.0% increase compared to last year. This equates to a 4.6-month supply at the current sales pace, according to NAR. The median existing-home price rose 2.1% year-over-year to $415,200, extending the ongoing trend of annual price growth. The Midwest led all regions in price gains, followed by the Northeast and South, while prices in the West remained relatively stable.