Months Supply Inventory Increases in Georgia Housing Market

[David G. Barton]

The Monthly Housing Indicators for Georgia are in for June. 

Median Sales Prices were up 20% year-over-year. 

Days on the Market decreased 22%, and Months Supply of Inventory rose 29%. 

New Listings increased 8% to 20,898. 

Pending Sales decreased 17% to 12,935. 

Closed Sales were down 13% to 14,485. 

Inventory levels increased 24% to 24,673 units. 

The Median Sales Price increased 20% to $360,000. 

The Average Sales Price increased 17% to $425,032. 

Days on Market decreased 8% to 22 days. 

Months Supply of Inventory was up 29% to 1.8 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 – 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 with the exception of homes priced $300,000 and above: $124,999 or less – 10% decrease $125,000 – $199,999 – 40% decrease $200,000 – $299,999 – 24 percent decrease $300,000 and above – 20% increase. 

Additionally, Pending Sales for existing townhomes with 3 bedrooms posted the largest gain at 96%. 

Other Housing Supply Overview Indicators include: Days on Market decreased for all price ranges and property types. Median Sales Price increased for all property types regardless of bedroom count.

Inventory was down for all home types with the exception of homes priced at $300,000 and above with 2 or more bedrooms. One-bedroom townhomes/condos saw the largest decrease at 40%.