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Prices Continue to Gain Traction in Georgia in May
19 Jun 2018 -

Just like last year at this time, prospective home buyers should expect a competitive housing market for the next several months. With payrolls trending upward and unemployment trending downward month after month in an extensive string of positive economic news, demand remains quite strong. Given the fact that gradually rising mortgage rates often infuse urgency to get into a new home before it costs more later, buyers need to remain watchful of new listings and make their offers quickly.

New Listings increased 1.9 percent to 17,417. Pending Sales were up 8.2 percent to 13,243. Inventory levels shrank 13.7 percent to 33,787 units. 

Prices continued to gain traction. The Median Sales Price increased 9.8 percent to $224,000. Days on Market was down 9.4 percent to 48 days. 

Sellers were encouraged as Months Supply of Inventory was down 17.9 percent to 3.2 months.

Click here to view the full report for May. 

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