The Monthly Housing Indicators for Georgia are in for May. Median Sales Prices were up 22 percent year-over-year, Days on the Market decreased 18 percent, and Months Supply of Inventory rose to 1.4 months.

• New Listings increased eight percent to 18,889

• Pending Sales decreased eight percent to 114,183

• Closed Sales were down five percent to 14,140

• Inventory levels increased six percent to 19,566 units

• The Median Sales Price increased 22 percent to $355,000

• The Average Sales Price increased 17 percent to $422,864

• Days on Market decreased 18 percent to 22 days

• Months Supply of Inventory was up eight percent to 1.4 month

Looking at the Housing Supply Overview – which takes a closer look at key metrics in relation to price range, property type and bedroom count – stark contrasts exist between single-family homes and townhomes/condos, and as well and lower-priced (199K or less) properties. Pending Sales were down for all properties with the exception of homes priced $300,000 and above:

• $124,999 or less – 8 percent decrease

• $125,000 – $199,999 – 39 percent decrease

• $200,000 – $299,999 – 22 percent decrease

• $300,000 and above – 21 percent increase

Additionally, Pending Sales for existing townhomes with four bedrooms or more posted the largest gain at 84 percent. Other Housing Supply Overview Indicators include:

• Days on Market decreased for all price ranges and property types.

• Median Sales Price increased for all property types regardless of bedroom count.

• Inventory was up for single family homes priced at $125,000 and above, while condos and townhomes were down across all price ranges and bedroom counts. One-bedroom townhomes/condos saw the largest decrease at 50 percent.