One number rarely tells the whole story of a housing market, and September is a good example. The National Association of REALTORS® (NAR) reported another decline in existing home sales nationally, while here in the Chattanooga region we saw more new listings and a larger supply of homes than a year ago. At the same time, pending sales softened, homes took longer to sell, and the median sales price held steady. Put together, those numbers point to a market where the pace has changed, even though people are still buying and selling homes.
U.S. existing-home sales fell 2.0% from the previous month and 1.2% from a year earlier to a seasonally adjusted annual rate of 3.98 million, the first reading below 4 million since June 2025, according to (NAR). Sales held steady in the West and declined in the Northeast, Midwest, and South. Compared with a year earlier, sales were unchanged in the South and declined in the Northeast, Midwest, and West.
New Listings in the Chattanooga region increased 4.1 percent to 1,373. Pending Sales decreased 2.9 percent to 797. Inventory increased 16.8 percent to 4,106.
Median Sales Price were dead even with last year. Days on Market increased 21.7 percent to 56. Months Supply of Inventory increased 9.8 percent to 4.5.
Heading into September, there were 1.62 million homes listed for sale, up 3.2% from the previous month and 5.9% from a year earlier, the first time inventory has exceeded 1.6 million units since November 2019, NAR reported. That represents a 4.9-month supply at the current sales pace, up from 4.6 months a month earlier and the highest level in over ten years, according to NAR Chief Economist Lawrence Yun. The median existing- home sales price rose 1.6% year-over-year to $429,100, marking 38 consecutive months of annual gains, and year-to-date sales are up 1.6%. The Federal Reserve raised its benchmark rate by a quarter point on September 16 to a range of 3.75% to 4%, its first increase since July 2023, and the 30-year fixed-rate mortgage moved above 7% in late September, up from an August average of 6.67%, according to Freddie Mac.
September’s numbers reminds us that a changing market can spark different conversations at the kitchen table. Buyers may find they have more time to evaluate a property and discuss the terms that matter to them. Sellers may need to think carefully about how their home compares with the competition and what today’s buyers are responding to. The regional numbers show the big picture, but a local REALTOR® can focus in on the details that matter most for a particular home, prices range, or area. #That'sWhoWeR