February’s housing picture was a mix of momentum and caution. The National Association of REALTORS® reported a national slowdown in existing home sales after a stronger stretch through the fall and early winter. Here at home, activity remained active in the ways that matter to everyday buyers and sellers. More new listings came on the market, pending sales climbed, and inventory continued to build, giving shoppers more to compare while keeping our local market moving.
Despite improving affordability conditions, U.S. existing-home sales declined 8.4% to a seasonally adjusted annual rate of 3.91 million, a 4.4% drop from one year earlier, according to the National Association of REALTORS® (NAR). The slowdown followed a 5.1% increase the previous month and modest gains throughout the fall. Sales retreated month-over-month and year-over-year in all four regions.
New Listings in the Chattanooga region increased 8.2 percent to 1,350. Pending Sales increased 22.5 percent to 931. Inventory increased 18.6 percent to 3,404.
Median Sales Price decreased 0.3 percent from $330,500 to $329,500. Days on Market increased 14.0 percent to 65. Months Supply of Inventory increased 14.7 percent to 3.9.
Nationally, the median existing-home price inched up 0.9% year-over-year to $396,800, a new high for the month, NAR reported. Home prices have continued to rise across much of the country, in part due to low supply, which remains below pre-pandemic levels. Total housing inventory stood at 1.22 million units as of the most recent reading, up 3.4% from one year earlier, representing a 3.7-month supply at the current sales pace.
As we move deeper into spring, the best decisions will come from local context, not headlines alone. Buyers can benefit from having more options while staying focused on budget, condition, and long-term fit. Sellers can still succeed with thoughtful preparation and clear pricing guided by a local Realtor who understands current demand. If you want help turning February’s numbers into a plan for your neighborhood, connect with a local Realtor you trust. #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