Georgia Real Estate & Homes For Sale and new listings took a hit in September, and inventory pressure continued to drive prices up according to the latest data.
“Severe inventory shortages are limiting home sales,” Redvin’s chief economist Daryl Fairweather said in a statement. “Although a lot of people bought homes last year, many homebuyers waited while the pandemic turned from bad to worse and telecommuting policies were finalized.”
“Home buyers who are just beginning their search find that the well has dried up,” Fairweather continued. “But I hope that as building materials become easier to come by, we will finally have a strong year for new construction in 2022. That’s what the market needs more than anything.”
In all but one of the major 85 metro areas tracked by Redfin, average sales prices rose last month. Nationally, the median home price year-over-year rose 14% to $376,800, the real estate company said.
Across the country, 66 metro areas have been studied home sales Falls in September, and the cities that experienced the greatest collapses were New Orleanss which fell 42%, Bridgeport, and Conn. , with a 24% drop, and Salt Lake City where home sales fell 23%.
The regions with the largest increase in sales from the previous year were New York City, with a 25% increase, Honolulu, with sales up 24%, and San Jose, California, with a 15% increase.
Meanwhile, the lack of supply continues to increase competition among buyers, with the number of homes sold above list price reaching 48% in September. This percentage is below the June high of 56%, but still 14 percentage points higher than September 2020.