Weekly Real Estate Housing Market Updates - May 23, 2022
Updated: Jun 6, 2022
Welcome to Fort Knox Views and News You Can Use!
I'm LaTonia Knox CEO of Fort Knox Property Management and Fort Knox Realty. I have over 15-years experience in the property management industry and 10+ years in real estate and working closely with investors. I keep a close watch on the real estate housing market. so I can keep investors informed on that latest market trends and forecasting.
Welcome to my blog page where you can get views and news you can use. Moving forward you can expect to get weekly updates on the real estate housing market from a national and local view point. With that being said, let's get to it.
The Housing Market Remains A Strong Seller's Market Despite Soaring Cost and Rate Hikes
Home values continue to increase across the nation. The housing market remains as competitive as ever and consumers are still spending despites soaring inflation on gas, food consumer goods, and interest rates.
The national median existing home prices is at a record high of $391,200. That's up 15% from last year at this time.
Georgia Housing Market Update For April
(Data source Georgia Association of Realtors GAR)
Median home sales prices were up 21% year-over-year, putting the median sale price at $345,000.
New listing decreased 9% to 17,063
Days on the Market decreased 16% to 26 days
Housing inventory supply decreased 8% to one month supply
I strongly believe the market will correct and we will see a decline in home values by the end of 2022. I don't believe the market can sustain it's current rate of growth as interest rates continue to increase. More and more sellers are selling due to FOMO (free of missing out).
I also believe cash investors (not primary home buyers) will benefit the most from the increase in interest rate. Investors will be in a much better position to purchase and take advantage of the decline in home prices.
Please share your thoughts and opinion. I would love to hear it.