Market dynamics never stand still, and as we review the latest numbers for April, both nationally and here in Greater Chattanooga, we see signs of both challenge and opportunity. Shifts in inventory, pricing and buyer activity continue to shape the conversations we're having every day with our clients. Now more than ever, understanding these patterns is critical to navigating a market that's adjusting to new realities.
U.S. existing-home sales decreased 5.9 percent month-over-month and 2.4 percent year-over-year to a seasonally adjusted annual rate of 4.02 million units, according to the National Association of Realtors, as affordability challenges and economic uncertainty weigh on market activity.
Sales were down month-over-month in all four regions, with the West experiencing the largest decline, at 9.4 percent.
New Listings in the Chattanooga region increased 5.3 percent to 1,443. Pending Sales decreased 3.2 percent to 1,004. Inventory increased 41.5 percent to 2,995.
Median Sales Price increased 2.8 percent from $321,104 to $330,000. Days on Market increased 11.9 percent to 47. Months Supply of Inventory increased 40.0 percent to 3.5.
Total housing inventory increased 8.1 percent month-over-month for a total of 1.33 million units heading into April, equivalent to a 4.0-month supply at the current sales pace, according to NAR. Although inventory is up nearly 20 percent from the same time last year, the additional supply has had little effect on home prices across much of the country, with the national median existing home price climbing 2.7 percent year-over-year to $403,700 as of last measure.
While the data shows a softening in sales activity due to affordability challenges and broader economic factors, our local market continues to demonstrate resilience with increased inventory and steady price growth. It's essential for realtors to stay engaged, educated and ready to help buyers and sellers navigate these changing conditions. #ThatsWhoWeR