Georgia Housing Market Snapshot - August
- New Listings decreased 3 percent to 18,221.
- Pending Sales were up 9 percent to 13,128.
- Inventory levels shrank, with a 2 percent decrease to 43,791 units.
- Median Sales Price increased 8 percent to $229,193.
- Days on Market remained flat at 52 days.
- Months Supply of Inventory was down 10 percent to 3.6 months.
Housing Starts shot up 12.3% in August, to a 1.364 million annual rate, a new post-recession high. And Building Permits gained 12.0% over a year ago, to a 1.419 million yearly rate, another post-recession record.
No wonder builder confidence hit an 11-month high! Meanwhile, Existing Home Sales have now risen two months in a row, up 1.3% in August, to a 5.490 million annual rate, 2.6% above a year ago.
Housing activity is clearly gaining momentum with a nice rise in purchase demand. The Mortgage Bankers Association reports purchase mortgage applications up 15% from a year ago. Credit the strong labor market and low interest rates.