New Listings and Closed Sales Up, Median and Average Sales Prices Flat in June

The Monthly Housing Indicators for Georgia are in for June. New Listings and Closed Sales saw moderate year-over-year gains, while Pending Sales declined. Median and Average Sales Prices were flat. Inventory levels continue to rise; however, lack of housing supply continues to remain a challenge across the state.

• New Listings increased seven percent to 19,675
• Pending Sales decreased four percent to 10,748
• Closed Sales increased 11 percent to 12,320
• Days on Market increased 35 percent to 50 days
• The Median Sales Price increased one percent to $375,000
• The Average Sales Price increased one percent to $467,096
• Inventory levels increased 33 percent to 48,751 units
• Months Supply of Inventory was up to 4.8 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 – the following indicators were noted:

• Pending Sales were down across all property types and price ranges except for Single Family Homes priced at $500,000 and above, which posted a six percent increase
• Days on Market are up across all property types and price ranges, with the most significant increase being for one bedroom or fewer Townhomes/Condos at 73 percent.
• Median Sales Prices ranged from flat to modest, with the exception being a seven percent decrease in Townhomes/Condos with four or more bedrooms. Two bedroom Single Family Homes saw the largest median price increase at four percent.
• Inventory increased for all property types and price levels, with Townhome/Condos priced at $199,000 or less posting the most significant increase at 99 percent. Despite these double-digit increases, lack of inventory remains a challenge throughout the state.

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