U.S. existing-home sales rose by 2.0% from last month and 0.8% compared to last year, reaching a seasonally adjusted annual rate of 4.01 million units, according to the National Association of REALTORS® (NAR). This was higher than the 3.92 million units economists surveyed by Reuters had predicted. Regionally, sales climbed in the West, South, and Northeast, while the Midwest saw a decline.
In the Chattanooga region, new listings fell 5.3% to 1,422, while pending sales grew 5.6% to 978. Inventory expanded 20.0% to 3,475 homes. The median sales price dipped 1.5%, from $340,000 to $335,000, and the average days on market increased 18.4% to 45 days. Supply also grew, with months of inventory up 17.6% to 4.0 months.
Nationally, there were 1.55 million homes for sale entering August, up 0.6% month-over-month and 15.7% year-over-year, representing a 4.6-month supply at the current sales pace. This marks the highest inventory level since May 2020, easing price growth in many markets. As a result, the national median existing-home price rose only 0.2% year-over-year to $422,400.