Source: Georgia Association of REALTORS®
Supply Struggles to Meet Demand in June
Halfway through 2016, residential real estate markets are performing as predicted at the beginning of the year. Sales and prices have been going up in most areas, while the number of homes for sale and total months’ supply of inventory have been going down.
Meanwhile, many sellers have been getting a higher percentage of their asking price, and supply continues to struggle to meet demand. The message may be repetitive, but it is largely positive.
New Listings increased 7.5 percent to 16,758. Pending Sales were up 18.2 percent to 12,136. Inventory levels shrank 12.1 percent to 41,760 units.
Prices continued to gain traction. The Median Sales Price increased 6.0 percent to $198,153. Days on Market was down 18.6 percent to 57 days.
Sellers were encouraged as Months Supply of Inventory was down 23.2 percent to 4.3 months.
The national unemployment rate recently dropped 0.3 percent to 4.7 percent, but some states felt more of a pinch in their own figures. Similarly, the low inventory situation is showing signs of strain in markets where there are few homes for purchase. With an interest rate increase still in the cards this year, combined with the American political landscape and global economic events, a cooldown could occur by winter. Presently, however, summery growth prevails as many locales are reaching near-record prices not seen in more than a decade.