U.S. existing-home sales fell for the first time since September, slipping 4.9% month-over-month to a seasonally adjusted annual rate of 4.08 million units, according to the National Association of REALTORS® (NAR), as elevated home prices and higher interest rates continue to impact buyer activity. Despite the drop, sales were up 2% compared to the same period last year, marking the fourth consecutive monthly year-over-year increase.
New Listings in the Chattanooga region increased 1.3 percent to 1,229. Pending Sales decreased 12.2 percent to 788. Inventory increased 37.5 percent to 2,877.
Median Sales Price increased 8.2 percent from $305,000 to $329,950. Days on Market increased 23.4 percent to 58. Months Supply of Inventory increased 36.0 percent to 3.4.
The limited number of properties for sale has continued to push home prices higher nationwide. At last measure, the national median existinghome price was $396,900, a 4.8% increase from one year earlier, with prices up in all four regions, according to NAR. Meanwhile, total housing inventory heading into February stood at 1.18 million units, up 3.5% monthover-month and 16.8% year-over-year, for a 3.5-month supply at the current sales pace.