Back to School, Back to Normal
August is unofficially the last month of summer, with many returning to everyday school routines and regular 9-5 schedules. Georgia’s housing market is also normalizing, with sky-high home prices and inventory shortages coming back down to earth. Detailed insights into the August housing market performance are outlined below. You can also visit the Georgia MLS Market Statistics Page to view historic metrics since 2018.
Across Georgia MLS’s footprint, our members sold nearly $4.3 billion in August 2022, an incremental increase month-over-month (+0.2% since July 2022) and a mild decrease from August 2021 (-5.3% year-over-year). Sales volume is still primarily driven by high home prices, persisting over 15% higher than last year. The Atlanta-Journal Constitution notes, “Atlanta’s affordability has taken a hit in recent years, with home prices climbing faster than many incomes and with the fiercest competition for the lower-priced homes that are likely to attract first-time buyers.”
- Atlanta MSA: $3.4 billion (-0.9% m/m, -7.2% y/y), 7,693 units sold (+1.1% m/m, -19.6% y/y)
- Atlanta Core: $2.8 billion (-1.4% m/m, -9.0% y/y), 6,214 units sold (+1.3% m/m, -20.9% y/y)
Rising mortgage rates, increasing active inventory and housing starts are countering high home prices. John Ryan, chief marketing officer for GAMLS, has said that this isn’t a massive bubble but a market “correction or normalization” after unprecedented demand throughout the pandemic.
- Atlanta MSA: $379,000 median sales price (-2.6% m/m, +16.9% y/y)
- Atlanta Core: $393,445 media sales price (+1.3% m/m, -20.9% y/y)
Active listings are climbing from their record lows in March 2022, with Georgia MLS members recording 14,161 overall new listings (-4.2% m/m, -2.8% y/y) and 21,402 overall active listings (+3.2% m/m, +57% y/y).
- Atlanta MSA:
- 10,840 new listings (-4.6% m/m, -3.9% y/y)
- 15,572 active listings (+3.9% m/m, +61.7% y/y)
- Atlanta Core:
- 8,794 new listings (-5.1% m/m, -5.3% y/y)
- 12,428 active listings (+3.8 m/m, +59.2% y/y)
Despite fears of a recession, the housing market is still generally favorable for buyers and sellers. As always, Georgia MLS is committed to supporting real estate professionals across the state. If you have any questions, please call us at 770-493-9000 or email membership@GeorgiaMLS.com.