U.S. existing-home sales slipped slightly in the latest report, down 0.5% from the previous month and 2.0% compared to the same time last year, reaching a seasonally adjusted annual rate of 4.00 million units, according to the National Association of REALTORS® (NAR). Regionally, sales rose in the Midwest, fell in the West and Northeast, and remained unchanged in the South. On a year-over-year basis, only the Northeast showed sales growth. The number of homes for sale nationally increased to 1.45 million heading into May, a 9.0% rise from the month before and a 20.8% jump from a year ago, providing a 4.4-month supply at the current sales pace. The national median existing-home price climbed 1.8% year-over-year to $414,000, marking the 22nd consecutive month of annual price increases and setting a new record high for the month.
In the Chattanooga region, new listings declined 4.2% to 1,427, while pending sales dipped slightly by 0.8% to 936. Inventory grew significantly, up 31.5% to 3,138 homes on the market. The median sales price saw a modest increase of 1.0%, reaching $344,200. Homes stayed on the market longer, with days on market rising 29.4% to 44 days. The months supply of inventory also rose to 3.7, a 32.1% increase, suggesting more choices for buyers and a potentially shifting local market dynamic.