Info Courtesy of the Georgia Realtors Association
National Market Overview:
Markets across the nation seem to be back on the recovery track after a brief pause. One of the more encouraging aspects of this renewed recovery is that new construction of single-family homes reached six-year highs in August, according to the U.S. Commerce Department. Consumers are also finding more listings in their search results than they have in years. Inventory is rising in many neighborhoods as higher prices have motivated more sellers to list. Pending Sales were up 25.3 percent to 8,171. Inventory levels grew 3.2 percent to 45,112 units.
Prices continued to gain traction. The Median Sales Price increased 13.8 percent to $165,000. Days on Market was up 2.8 percent to 74 days. Sellers were encouraged as Months Supply of Inventory was down 3.3 percent to 5.8 months.
The departure of investors from the scene should benefit first-time homebuyers, but student debt and sluggish wage growth have slowed that transition. The economy is growing, but it’s growing at a slower pace than desired. Thankfully, inflation remains tame, partly enabling the Federal Reserve to keep rates low for longer, contrary to the forecasts of most economists.
Atlanta, GA Market Overview:
Average and Median sales prices continue to outpace 2013’s figures, with positive gains of 8.2% and 10.9% year over year,” said ABR President Todd Emerson,.“Inventory levels for the past several reporting periods has remained constant at around 16,000 units, and represents a 55.1% increase compared to 2013, offering more choice to Buyers compared to a year ago. The month’s supply in August for sales over a 12 month period remained unchanged at 4.4 months, however the trend for 2014 has been movement towards a more balanced supply of 6 months.
Additionally, Mr. Emerson stated, “Despite the minimal softening of sales in August, market conditions remain positive in general, and therefore represent no real need for concern with regard to the current strength of the Atlanta Marketplace.”