Is the market slowing down, or is it simply giving buyers and sellers a little more breathing room? August’s numbers suggest there is still plenty of activity in the Chattanooga region. Pending sales increased, inventory grew, and prices continued to rise, even as homes spent a little more time on the market. Nationally, the National Association of REALTORS® reported a slight dip in existing home sales from the previous month, but year to date activity remained ahead of last year.
U.S. existing-home sales edged down 1.7% from the previous month to a seasonally adjusted annual rate of 4.06 million units, according to the National Association of REALTORS® (NAR). Regionally, sales increased in the Northeast, held steady in the West, and declined in the Midwest and South. On a year-over-year basis, sales rose in the Midwest and West while remaining flat in the Northeast and South.
New Listings in the Chattanooga region increased 4.9 percent to 1,509. Pending Sales increased 7.3 percent to 1,024. Inventory increased 17.9 percent to 4,059.
Median Sales Price increased 4.5 percent from $335,000 to $350,000. Days on Market increased 19.6 percent to 55. Months Supply of Inventory increased 10.0 percent to 4.4.
Nationally, the median existing-home sales price climbed to $431,400, as inventory remained at a 4.6-month supply at the current sales pace, NAR reported. Year-to-date sales are up 2.4%, reflecting stable demand even amid elevated mortgage rates. Homes are sitting on the market longer and fewer buyers are bidding above asking price compared to a year earlier, though local market conditions vary widely.
That extra time on the market can create different opportunities depending on which side of the transaction you are on. Buyers may have more time to compare homes and ask questions, while sellers may need to be more intentional about pricing, condition, and presentation. Market averages are useful, but every home and every area can behave differently. A local REALTOR® can help you look beyond the headline numbers and understand what is happening where it matters most to you. #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