Georgia Housing Market Snapshot: January
Despite a strong U.S. economy, historically low unemployment and steady wage growth, home sales began to slow across the nation late last year. Blame was given to a combination of high prices and a steady stream of interest rate hikes by the Federal Reserve. Last month, the Fed responded to the growing affordability conundrum. In a move described as a patient approach to further rate changes, the Fed did not increase rates during January 2019.
Reflecting a national trend, the Georgia housing market saw an increase in inventory for January. Indicators are as follows:
New Listings increased 14.9 percent to 14,079.
Pending Sales were up 5.9 percent to 10,059.
Inventory levels grew 6.0 percent to 33,710 units.
Median Sales Price increased 7.2 percent to $210,670.
Days on Market was down 4.8 percent to 60 days.
Months Supply of Inventory was up 6.7 percent to 3.2 months.
NOTE: At the present time, these Indicators are comprised of data from MLSs in greater Atlanta (Georgia MLS and FMLS), Augusta, Columbus, Macon, and Savannah. This Spring, these indicators will start pulling data from the 13 largest MLSs throughout the state, which will give us a more accurate picture of the Georgia market.