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Georgia Follows National Trend of Increasing Home Prices
19 Jun 2017 -
Home prices across the U.S. are reaching all-time highs, prompting worry over another boom-and-bust scenario like we experienced roughly ten years ago. Yet, as we glance across the state of residential real estate, what is clear compared to the last extended run of price increases is that lending standards are now much stronger than they were before. Incomes must be verified, a reasonable amount of money must be paid toward the home prior to purchase and a more stringent loan approval process is in place to prevent a repeat performance of the Great Recession. 

 

New Listings increased 4.0 percent to 16,864. Pending Sales were up 6.4 percent to 12,852. Inventory levels shrank 13.9 percent to 36,922 units. 

Prices continued to gain traction. The Median Sales Price increased 4.6 percent to $204,000. Days on Market was down 10.2 percent to 53 days. Sellers were encouraged as Months Supply of Inventory was down 17.8 percent to 3.7 months. 

In addition to a stronger base upon which to conduct real estate transactions, the overall economy is in better shape than it was a decade ago. More jobs are available, unemployment is relatively low and workers have more faith in their wages and the potential for wage increases. Although we continue to battle an inventory shortage in much of the country, optimism remains high for a successful summer for buying and selling homes.

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