Pending sales were down 0.8% across the Tri-Cities region in November and the Northeast Tennessee Association of Realtors (NETAR) Pending Sales Index dropped one point point below where it was this time last year.

Pending sales are a leading indicator of housing activity based on signed contracts for existing single-family home and condominium sales in the region monitored by NETAR. Since resales go under contract 30 to 60 days before they close, pending sales offer insight into the market’s direction.  

The pending sales market performance aligns with the broader Home Sales Report that shows sales have continued their retreat toward a pre-pandemic level. Prices are also softened, but still outperforming last year’s market. The 11-month price trend is up 4.1% from last year.

Pending sales increased from last year’s levels in all three of the region’s markets by price range.

There were 241 in the $100K-$249,999K affordable price range, up 3.9%.

Sellers accepted contracts on 255 homes in the $250K-$499,999K move-up market price range, up 15.4%.

The $500k and up luxury market has 73 pending sales, up 9.8% from last year.

Slower sales have allowed active inventory to increase by 22.9% in November. That is equivalent to 3.3 months of inventory – the best it has been since 2020.

Inventory by price range is up 11.8% in the affordable market, 32.6% in the move-up market and 28.1% in the luxury market.

New listings were down 2.9% last month. The affordable market was the only price range that declined from where it was last year. It was down 14.3%.

Move-up market new listings are up 14.3%.

The luxury market new listings are up 4.4%.