As we head into the fall season, housing data from August reveals a market that continues to adjust to shifting supply and buyer demand. While national home sales posted a modest increase, locally we saw a mixed picture with inventory still climbing and prices pulling back slightly. These monthly stats help both buyers and sellers understand the pace of the market and where opportunities may lie.
U.S. existing-home sales rose 2.0% month-over-month and 0.8% year-over-year to a seasonally adjusted annual rate of 4.01 million units, according to the National Association of Realtors (NAR). Economists polled by Reuters had forecast a rate of 3.92 million units. Regionally, sales increased on a monthly basis in the West, South, and Northeast, but declined in the Midwest.
New Listings in the Chattanooga region decreased 5.3 percent to 1,422. Pending Sales increased 5.6 percent to 978. Inventory increased 20.0 percent to 3,475.
Median Sales Price decreased 1.5 percent from $340,000 to $335,000. Days on Market increased 18.4 percent to 45. Months Supply of Inventory increased 17.6 percent to 4.0.
Nationally, 1.55 million units were listed for sale heading into August, up 0.6% from the previous month and 15.7% higher than the same time last year, representing a 4.6-month supply at the current sales pace, according to NAR. Inventory is now at its highest level since May 2020, a shift that has helped slow price growth in many markets. As a result, the national median existing-home sales price edged up just 0.2% year-over-year to $422,400.
In a market with growing inventory and steady demand, informed guidance matters more than ever. Whether you’re navigating pricing strategies, managing buyer expectations, or timing your next move, Realtors are here to interpret the trends and provide clarity in a changing environment. #That'sWhoWeR
Greater Chattanooga REALTORS® is The Voice of Real Estate in Greater Chattanooga. A regional organization with nearly 3,000 members, Greater Chattanooga Realtors is one of some 1,200 local boards and associations of Realtors nationwide that comprise the National Association of Realtors. Greater Chattanooga Realtors service Hamilton and Sequatchie counties in southeast Tennessee, and Catoosa, Dade, and Walker counties in northwest Georgia. For more information, visit www.gcar.net or call 423.698.8001.