Buyers were “out in force” in July, which is driving prices upward, according to the Georgia Association of Realtors’ Monthly Housing Indicators for Georgia.

New listings were down 2% to 17,673, but that’s an improvement over the 3.5% year-over-year drop in June and the 19.9% and 26.6% drops in May and April, respectively.

Pending sales jumped 25% to 16,100, while closed sales had a year-over-year gain of 14% to 16,032. The median sales price of those homes was up 9.5% to $259,000.

Inventory plummeted in July, down 30% to 30,599 units from July 2019. That dropped the supply of inventory to 2.5 months, a decline of 34% from a year ago.

Homes spent an average of 53 days on the market, up 10% from July 2019.

“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, as well as lower-priced ($199,000 or less) properties,” the report noted.

Homes under $199,000 were down from the previous year, but those price at $200,000 and higher sold better than July 2019.

GAR broke the numbers down like this:

$124,999 or less – 11% decrease
$125,000 – $199,999 – 7% decrease
$200,000 – $299,999 – 17% increase
$300,000 and above – 17% increase

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