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 percent to 1,443. Pending Sales decreased 3.2 percent to 1,004. Inventory increased 41.5 percent to 2,995.
Median Sales Price increased 2.8 percent from $321,104 to $330,000. Days on Market increased 11.9 percent to 47. Months Supply of Inventory increased 40.0 percent 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 4.0-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.