Home Prices and Sales Up for September
According to the Georgia Association of REALTORS, the median sales price rose 20.4% to $115,000 for the state of Georgia. Not only is that a significant increase, but paired with a decrease of 15% in the number of days on the market, this is great news for sellers. While the average number of days on the market is still 91 days, the number has been steadily decreasing for the last year.
Nationally, September saw an increase in home sales by 5.7% over last month, according to The New York Times. The 389,000-unit annual rate is the highest it has been in 2.5 years. The reported home sales also increased over 27% since September 2011, yet another indication that the housing market is trying to find its footing.
While both reports are positive, the housing market is still suffocating underneath the weight of a staggering economy and high unemployment. Gradual increases in home prices and sales will continue to keep the real estate industry afloat, but experts do not anticipate the housing market to significantly improve until employment rates increase and the burden of the recession is lifted.