Home Prices Jump, Sales Drop in Georgia

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The median home sales price in the state of Georgia increased 34 percent in October, compared to last year, according to the Georgia Association of Realtors.

Georgia's average home price reached $147,150 in October, up from $110,000 last year, as the state continues to enjoy robust gains in home prices, with little negative effect from the recent government shutdown, GAR said. 

"Sellers are starting to regain their footing...seller confidence is crucial to refilled inventory bins - which are still relatively sparse," GAR said in the report.

Home sales totaled 6,785 in October, dropping 6.9 percent from the 7,286 last year. Housing inventory is now 10.3 percent lower than last year. 

Homes for sale spent an average of 75 days on the market before a sale, representing a 22 percent drop from 96 days last year. 

Today the National Association of Realtors announced a 12.8 percent increase in U.S. home prices in October, marking the 11th consecutive month of double-digit annual increases.