The November housing market continued to open doors for buyers and sellers across the nation and here in the greater Chattanooga area. The National Association of Realtors (NAR) reported that more homes came to market, giving buyers fresh options and sellers a chance to shine.
U.S. sales of existing homes rose 1.2% from the previous month to a seasonally adjusted annual rate of 4.10 million, according to the NAR, as buyers took advantage of lower mortgage rates this fall. Sales increased in the Midwest and South, held steady in the Northeast, and edged down in the West. Year-over-year, sales were up 1.7%, with gains in the Northeast, Midwest, and South, while the West posted a decline.
New Listings in the Chattanooga region increased 1.8 percent to 1,019. Pending Sales increased 4.4 percent to 763. Inventory increased 22.6 percent to 3,533.
Median Sales Price increased 0.5 percent from $338,213 to $340,000. Days on Market increased 11.4 percent to 49 days. Months Supply of Inventory increased 24.2 percent to 4.1.
Nationally, inventory dipped 0.7% month-over-month but rose 10.9% year-over-year, totaling 1.52 million units, according to NAR. At the current sales pace, supply stands at 4.4 months, slightly below last month’s level but higher than the 4.1 months recorded a year ago. Supported by modest inventory levels, prices continue to rise, with the national median existing-home price increasing 2.1% year-over-year to $415,200, marking 28 consecutive months of annual gains.
Your future dream home isn’t just a place, it’s a opportunity to create generation wealth and memories with loved ones. With inventory growing, now could be the perfect time to take the next step. Let the expert guidance from a local Realtor help you turn possibilities into reality. #ThatsWhoWeR
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