July Housing Indicators Show Healthy Buyer Demand Coupled with Tight Inventory

The Monthly Housing Indicators for Georgia are in for the month of July. Buyers are out in force to take advantage of the low interest rates, driving prices upward. But inventory continues to be scarce.

  • New Listings decreased two percent to 17,673
  • Pending Sales were up 25 percent to 16,100.
  • Closed Sales were up 14 percent to 16,032.
  • Inventory levels shrank 30 percent to 30,599 units.
  • The Median Sales Price increased 9.5 percent to $259,000.
  • Days on Market was up 10 percent to 53 days.
  • Months Supply of Inventory was down 34 percent to 2.5 months.

Looking at the Housing Supply Overview – which takes a closer look at key metrics in relation to price range, property type and bedroom count – stark contrasts exist between single family homes and townhomes/condos, and as well and lower priced (199K or less) properties.

Pending Sales were down for all properties priced at $199K and below, but increased above the $200K price point:

  • $124,999 or less – 11 percent decrease
  • $125,000 – $199,999 – seven percent decrease
  • $200,000 – $299,999 – 17 percent increase
  • $300,000 and above – 17 percent increase

Additionally, Pending Sales for residences with four bedrooms or more posted the largest gain in Pending Sales (eight percent).

Other Housing Supply Overview Indicators include:

  • Median Sales Price was flat for one bedrooms homes – both single family and condo/townhomes. All other bedroom counts posted modest gains for both property types.
  • The most significant inventory decrease was in the 125K – 199K price range, at 50 percent. Single bedroom condos/townhomes posted a twenty-nine percent increase in inventory, while three-bedroom single family homes posted the sharpest decrease, at 37 percent.

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