Housing Indicators for January and February show a good start for Georgia for 2013.
Some key findings include:
- New Listings decreased 9 percent
- Pending Sales were up 21 percent
- Inventory Levels shrank 32 percent
- Median Prices rose 28 percent
- Average Prices rose 18 percent
- Months Supply of Homes for Sale decreased 37 percent
- Days on Market decreased 13 percent to 89 days
For the first time since 2006, the numbers regarding Georgia Housing Indicators are largely positive.
New Listings were down 8.9 percent to 11,060. Pending Sales increased 20.8 percent to 8,254. Inventory shrank 32.4 percent to 35,521 units. Prices rallied higher as Median Sales Price was up 28.4 percent to $113,000. Days on Market decreased 12.7 percent to 89 days. Months Supply of Inventory was down 36.5 percent to 4.7 months, indicating that demand increased relative to supply.
It’s important to watch the economy, since job growth directly fuels home purchases and since the housing industry generates jobs. The economy has added about 6.1 million jobs over the past 35 months, a sluggish but encouraging trend. Interest rates are slowly moving higher in some regions, though the affordability picture remains extremely attractive.