U.S. existing-home sales edged up 0.8% month-over-month to a seasonally adjusted annual rate of 4.03 million units, exceeding economists’ expectations, although sales were down 0.7% year-over-year, according to the National Association of REALTORS® (NAR). On a monthly basis sales increased in the Midwest Northeast, and South but decreased in the West. New Listings in the Chattanooga region increased 6.1 percent to 1,432. Pending Sales increased 15.7 percent to 1,008. Inventory increased 28.0 percent to 3,233.
Median Sales Price increased 0.6 percent from $346,250 to $348,200. Days on Market increased 28.2 percent to 50. Months Supply of Inventor
increased 23.3 percent to 3.7.
Heading into June, there were 1.54 million units for sale across the country, a 6.2% increase from the previous month and a 20.3% improvement over the same period last year, representing a 4.6-month supply at the current sales pace, according to NAR. Despite the additional supply, home prices have continued to rise nationwide, albeit at a slower pace than during the pandemic, climbing 1.3% year-over-year to $422,800 as of last measure.