Georgia Homes Prices Edge Up in May
Atlanta, GA – June 19, 2012 – (RealEstateRama) — Spring has brought both change and clarity to our local market. Some sellers are seeing competing bids on their properties which have led to modest price gains. Buyers have fewer options from which to choose in many submarkets. Headlines and sound bites can often mask regional variability. With fewer distressed properties selling, prices are effectively “melting up” due to less downward pressure. May looked pretty good all around.
New Listings in the state of Georgia decreased 13.4 percent to 11,972. Pending Sales were up 32.5 percent to 10,117. Inventory levels shrank 31.4 percent to 49,049 units.
Prices moved higher. The Median Sales Price increased 1.8 percent to $109,900. Days on Market was down 7.6 percent to 85 days. The supply-demand balance stabilized as Months Supply of Inventory was down 44.0 percent to 6.7 months.
In economic news, May’s jobs report was disappointing, and there’s a growing concern about the pace of domestic growth. Last month was also unsettling for investors, prompting some to hunt for better returns in the housing market. This forces other consumers up the price ladder. In politics, the Senate approved a 60-day National Flood Insurance Program extension. But with campaign season upon us, major housing-related bills or policy shifts are unlikely.
Contact:
Brandie Miner, Director of Communications & Marketing
Georgia Association of REALTORS
