U.S. existing-home sales rebounded in March, rising 4.2% from the previous month to a seasonally adjusted annual rate of 4.26 million units, according to the National Association of REALTORS® (NAR). This increase outpaced economists’ expectations, who had forecast a decline to 3.95 million units. Regionally, sales activity picked up in the South and West, remained flat in the Midwest, and dipped slightly in the Northeast.
In the Chattanooga housing market, new listings surged 16.4% year-over-year to 1,426, while pending sales jumped 11.8% to 1,119. Inventory in the region saw a significant 40.7% increase, reaching 2,888 active listings. The median sales price rose 2.5% from $325,000 to $333,000, and homes spent slightly less time on the market, with days on market decreasing 2.0% to 50 days. The months supply of inventory rose sharply by 37.5%, reaching 3.3 months.
Nationally, housing inventory rose to 1.24 million properties, a 5.1% increase from the previous month and a 17% gain year-over-year, translating to a 3.5-month supply at the current sales pace. While mortgage rates continue to hover in the mid-to-high 6% range, the increase in available homes appears to be encouraging more buyers to re-enter the market despite continued upward pressure on home prices.