Pending home sales were up during the 1st 2 months of 2023. As interest rates have come down from their high in November, people are buying homes again. Home sales are still down from last year at this time, but there is rising home buyer activity. “Buyers responded to better affordability from falling mortgage rates in December and January,” said NAR Chief Economist Lawrence Yun. Yun also reports, "An annual gain in home sales will not occur until 2024. Meanwhile, home prices will be steady in most parts of the country with a minor change in the national median home price.” Home prices are remaining steady, but home will not increase in value much this year.
Realtor, Nathan Walldorf, says he has seen increased buyer activity in Chattanooga, TN, in January and February compared to October through December of 2022. "Homes in Chattanooga are being shown and sold right now. We still need more inventory [more homes to sell], but I am making phone calls to find homes for my clients to purchase."
Source: National Association of Realtors