U.S. existing-home sales increased 1.2% from the previous month, reaching a seasonally adjusted annual rate of 4.10 million, according to the National Association of REALTORS® (NAR). The rise was driven by buyers taking advantage of lower mortgage rates this fall. Sales grew in the Midwest and South, remained stable in the Northeast, and declined slightly in the West. Compared to last year, sales were up 1.7%, with gains across the Northeast, Midwest, and South, while the West experienced a decrease.
In the Chattanooga region, new listings rose 1.8% to 1,019, while pending sales climbed 4.4% to 763. Inventory increased significantly by 22.6% to 3,533 homes. The median sales price edged up 0.5%, from $338,213 to $340,000. Days on market increased 11.4% to 49, and months’ supply of inventory grew 24.2% to 4.1 months.
Nationally, housing inventory declined 0.7% month-over-month but increased 10.9% year-over-year, totaling 1.52 million units, according to NAR. At the current pace of sales, supply stands at 4.4 months—slightly lower than last month but higher than the 4.1 months recorded one year ago. With inventory remaining relatively tight, home prices continue to rise, as the national median existing-home price increased 2.1% year-over-year to $415,200, marking 28 consecutive months of annual price growth.