U.S. Existing-Home Sales and Prices Increase as Inventory Tightens

U.S. existing-home sales rose for the second straight month, increasing by 4.8% to an annual rate of 4.15 million units, the highest in eight months, according to the National Association of REALTORS® (NAR). Sales were up 6.1% compared to the previous year, marking the largest year-over-year gain since June 2021. Economists had anticipated a rate of 4.07 million units.

In the Chattanooga region, new listings grew by 1.8% to 784, pending sales rose 7.7% to 643, and inventory surged by 29.2% to 2,634. The median sales price climbed 12.5% from $300,000 to $337,500, while days on market increased by 22.0% to 50. The months of supply went up by 25.0% to 3.0.

Nationally, total housing inventory stood at 1.33 million units in December, down 2.9% from the previous month but up 17.7% year-over-year, equating to a 3.8-month supply at the current sales pace. With inventory still below the 5-6 month balanced market range, limited homes for sale continue to drive up prices, with the national median existing-home price reaching $406,100, a 4.7% increase from the previous year.

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