Derek English: August 2022 Local Housing Market Statistics

  • Thursday, September 15, 2022
  • Derek English, president, Greater Chattanooga Realtors
Summer 2022 has been a season of change for the U.S. real estate market. With housing affordability at a 33-year low, existing-home sales have continued to soften nationwide, falling 5.9 percent month-to-month and 20.9 percent year-over-year as of last measure, according to the National Association of Realtors. Pending home sales have also continued to decline, while new listings have steadily increased, with unsold inventory reaching 3.3 months’ supply at the start of August. The pullback in demand has been particularly hard on homebuilders, causing new-home sales and construction to slow. 

Inflation, higher interest rates and fears of a potential recession have taken a toll on buyers and sellers this summer, leading many people to stay on the sidelines to see what will happen with the market.
But some experts, including NAR Chief Economist Lawrence Yun, believe the worst of inflation may be over. Although sales prices remain up from this time last year, price growth is expected to moderate in the months ahead as the market continues to shift in a more buyer-friendly direction. 

New Listings in the Chattanooga region decreased 3.8 percent to 1,334. Pending Sales were down 7.1 percent to 1,108. Inventory levels grew 25.8 percent to 1,881 units. This is an increase of 386 properties over August 2021.

Prices continued to gain traction. The Median Sales Price increased 11.1 percent over August 2021 to $300,000. For comparison, the Median Sales Price for August 2021 was $270,000. Days on Market was down 5.9 percent to 16 days. Buyers felt empowered as Months Supply of Inventory was up 28.6 percent to 1.8 months.

One thing that’s certain is that nothing stays the same, and this is especially true in the real estate market. We currently find ourselves in a time of change, and that’s why if you’re looking to enter the housing market, whether it’s to buy or sell, utilizing the expertise of a realtor is so critical. Realtors have the tools and the data to help make the most out of your most valuable investment. That’s Who We R.
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