In today’s market, real estate is never standing still—and the latest national and local stats prove just that. Across the country, sales saw a noticeable bump, and here in the Chattanooga region, we’re seeing encouraging trends in both new listings and inventory levels. These changes are helping balance the market and creating more options for buyers and sellers alike.
U.S. existing-home sales rebounded from the previous month, rising 4.2 percent to a seasonally adjusted annual rate of 4.26 million units, according to the National Association of Realtors. Economists polled by Reuters had forecast sales would fall to a rate of 3.95 million for the month. Purchase activity increased in the South and the West but decreased in the Northeast, while sales in the Midwest remained unchanged from one month earlier.
New Listings in the Chattanooga region increased 16.4 percent to 1,426. Pending Sales increased 11.8 percent to 1,119. Inventory increased 40.7 percent to 2,888.
Median Sales Price increased 2.5 percent from $325,000 to $333,000. Days on Market decreased 2.0 percent to 50. Months Supply of Inventory increased 37.5 percent to 3.3.
Heading into March there were 1.24 million properties for sale, a 5.1 percent increase from the previous month and a 17 percent jump from one year ago, for a 3.5-month supply at the current sales pace, according to NAR. While mortgage rates have remained in the mid-to-high 6 percent range, the additional supply appears to have helped bring some buyers out of the woodwork, even as sales prices continue to rise nationwide.
As we continue into the spring market, the signs of growth are welcome—and so is the guidance of a trusted realtor. Whether navigating prices, inventory, or market conditions, realtors are committed to helping clients make confident, informed decisions. #ThatsWhoWeR