The real estate market never takes a summer break, and July’s numbers reflect the continued shift we’ve seen in recent months. While national trends point to a cooling in sales activity, our local Chattanooga market tells a more detailed story. From inventory growth to rising median prices, understanding these trends is key to making smart moves, whether you're buying, selling or advising clients.
U.S. existing-home sales fell 2.7 percent from the previous month to a seasonally adjusted annual rate of 3.93 million, according to the National Association of Realtors.
Sales were unchanged from one year earlier. Regionally, monthly sales declined in the Midwest, Northeast and South, but rose in the West. Year-over-year, sales decreased in the Northeast and West, but increased in the South and Midwest.
New Listings in the Chattanooga region increased 10.1 percent to 1,538. Pending Sales increased 12.2 percent to 966. Inventory increased 26.6 percent to 3,421.
Median Sales Price increased 6.1 percent from $329,900 to $350,000. Days on Market increased 25.6 percent to 49. Months Supply of Inventory increased 21.9 percent to 3.9.
Nationally, the median existing-home sales price rose 2.0 percent year-over-year to $435,300, a new monthly high and the 24th consecutive month of annual price gains, according to NAR. Slower sales activity has contributed to rising inventory this year, with 1.53 million properties listed for sale heading into July, a 15.9 percent increase from the same time last year and equivalent to a 4.7-month supply at the current sales pace.
As we move further into the third quarter, keeping an eye on local inventory, pricing and buyer demand will be essential. Realtors are here to help interpret these shifts and offer sound advice tailored to each client’s needs. In any market, having a trusted professional by your side makes all the difference. #That'sWhoWeR