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Pending Sales Continue Climb in January
16 Feb 2012 -
For once, the headlines are getting it right: "Supply-side correction continues," "Home buyer demand strengthening," "Market heads toward balance." There is a very real sense that the landscape is shifting. We don't want to overstate the case this month, as this coming spring will be the bellwether. It's been plus or minus five long years since the peak of the housing bubble and the ensuing aftermath. As we delve into a new year, let's see if the first month of the sixth year brought any encouraging signs.
New Listings in the state of Georgia decreased 16.6 percent to 11,859. Pending Sales were up 46.8 percent to 7,947. Inventory levels shrank 28.5 percent to 50,381 units. Prices softened somewhat. The Median Sales Price decreased 18.6 percent to $87,500. Days on Market was down 2.7 percent to 94 days. Absorption rates improved as Months Supply of Inventory was down 36.7 percent to 7.3 months.
U.S. economic data has been encouraging. The unemployment rate flirted with a 3-year low and an initial reading on the fourth quarter of 2011 GDP was in-line with expectations. Mortgage rates posted yet another fresh new record low. At the risk of sounding redundant (at the risk of sounding redundant), the missing puzzle piece is still jobs. Improvements in the labor market will spur housing demand through new household formations, improve family financials and galvanize consumer confidence.
Click here to read the full report.
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