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Georgia Housing Market Stable in October
16 Nov 2017 -

For residential real estate in 2017, the news has continued to provide a relative sense of calm for both buyers and sellers. The national unemployment rate registered in at 4.1 percent for October 2017, which means that joblessness has not been this low in the U.S. since December 2000. Another positive, mortgage rates have held steady at or near 3.9 percent. Historically, the average rate has been around 6.0 percent. These factors help to keep the pool of potential buyers full, even during the so-called off-season of home sales.

New Listings increased 4.9 percent to 12,951. Pending Sales were up 21.1 percent to 10,627. Inventory levels shrank 15.4 percent to 35,486 units.

Prices continued to gain traction. The Median Sales Price increased 7.4 percent to $200,000. Days on Market was down 6.8 percent to 55 days. Sellers were encouraged as Months Supply of Inventory was down 20.9 percent to 3.4 months.

Although inventory levels are low in many markets, there has largely been enough listing and building activity, or at least conversation about future activity, to maintain a positive attitude about the prospects of buying or selling a home.

Low affordability has started to become a recent topic of conversation and is worth watching. But with a healthy economy, level of demand and national unemployment rate, sellers are going to continue to see strong prices for their homes.

Click here to view the full report for October.

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