As we head into the heart of summer, many buyers and sellers are watching the market closely to understand where things stand and where they might be headed. While national housing trends show some signs of cooling, local inventory continues to rise — offering potential opportunities for those looking to make a move. The following data, provided by the National Association of Realtors (NAR) and our local MLS data, offers a snapshot of where the housing market stands both nationally and here in the Chattanooga region.
U.S. existing-home sales dipped 0.5% month-over-month and 2.0% year-over-year to a seasonally adjusted annual rate of 4.00 million units, according to the NAR. Sales increased in the Midwest, decreased in the West and Northeast, and were unchanged in the South. Year-over-year, sales were down in every region except the Northeast.
New Listings in the Chattanooga region decreased 4.2 percent to 1,427. Pending Sales decreased 0.8 percent to 936. Inventory increased 31.5 percent to 3,138.
Median Sales Price increased 1.0 percent from $340,737 to $344,200. Days on Market increased 29.4 percent to 44. Months Supply of Inventory increased 32.1 percent to 3.7.
There were 1.45 million units actively for sale heading into May, a 9.0% increase from the previous month and a 20.8% improvement from the same time last year, for a 4.4-month supply at the current sales pace, according to NAR. The median existing home price edged up 1.8% year-over-year to $414,000 as of last measure, the 22nd consecutive month of annual price increases and a new record high for the month.
While some national indicators point to a slower sales pace, the increase in available inventory — both nationally and locally — signals more choices for buyers and a stabilizing trend for our market. As always, realtors remain a vital resource for understanding these shifts and helping clients make informed decisions