Average prices for Georgia homes increases for fifth consecutive month
In a possible sign of a recovering real estate market, average sale prices for existing home sales in Georgia increased for the fifth month in a row in July, according to the Atlanta Journal-Constitution. Potential homebuyers looking to break into the state and take advantage of a hot market should consider the many houses for sale in Atlanta.
The average sale price for a home in Georgia for the month of July was $159,838, representing an increase of approximately 800 dollars from the previous month. The number of homes purchased in the state in the month reached 7,791, which is up about 450 from the same time period the previous year. However, this number was down about 600 from June, which is traditionally a popular month for home sales, according to the news source.
Meanwhile, around the rest of the country, the number of home sales in July increased by about 2.3 percent. Although average home prices dropped by about $1,000 to approximately $187,300, this still represented the second highest average sale price over the past 12 months.
There are several possible reasons for the state- and city-wide surge in both number of sales and an increase in average price, including a stabilizing job market and a wealth of foreclosed homes reentering the market, increasing both supply and demand. Mark Vitner, a senior economist at Wells Fargo Bank, has some theories and cautions of his own. He points to the relatively good interest rates and prices in metro Atlanta. However, he also notes that that income growth in the city remains low, while unemployment remains slightly above the national average.
"Not until folks feel secure about their jobs are they going to say, 'I'm going to buy a house'," Vitner told the Atlanta Journal-Constitution. "Going from here to 'a whole lot better' is at least a year away."
There are reasons for optimism in the Atlanta market on the horizon. One of the strongest signs of economic recovery and a possible surge in available jobs is the fact that Atlanta has the fifth-most fast-growing companies in the country, according to Inc. The magazine recently released its ranking of the fastest-growing companies, based on three-year revenue growth. With 186 companies on the list, Atlanta is proven in its ability to attract companies with growth potential and the need to hire employees in the near future.