New Listings Up, Prices Remain Flat in July
The Monthly Housing Indicators for Georgia are in for July. New Listings saw moderate year-over-year gains, while Pending and Closed Sales declined. Median and Average Sales Prices remained flat. While inventory levels continue to rise, lack of housing
supply continues to remain a challenge across the state.
- New Listings increased 10 percent to 19,380
- Pending Sales decreased three percent to 10,429
- Closed Sales decreased five percent to 11,233
- Days on Market increased 31 percent to 51 days
- The Median Sales Price stayed flat at $365,000
- The Average Sales Price increased one percent to $451,148
- Inventory levels increased 29 percent to 48,382 units
- Months Supply of Inventory was up to 4.7 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, and the Townhouse/Condos priced at $199,999 or less, which posted a 14 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 66 percent, and Townhouse Condo priced at $199,999 or Less at 68 percent
- Median Sales Prices ranged from flat to modest, with the exception being a nine percent decrease in Townhomes/Condos with four or more bedrooms. One bedroom or Fewer 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 94 percent. Despite these double-digit increases, lack of inventory remains a challenge throughout the state.
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