Real Estate Market Insights: 2023 Home Sales and Georgia's Wealthy Elite
Welcome back to Go Gaddis Real Estate Radio right here on AM 920, the answer. In this segment, 2023 existing home sales have started to fall as home prices increase. And do you know who the richest people in the Peach State are? And could it Cleve
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in that neighborhood know how you might have a particular advantage and you can subscribe to our podcast we are available on every major podcasting platform that's right we're available on every major podcasting platform the august 2023 existing home sales fell but home prices continued to increase along with Mortgage rates.
If we take a look, the National Association of Realtors in a summary of existing home sales data shows that the housing market activity this August declined 0. 7 percent from July of 2023 July to August sales down just slightly August existing home sales reached a 4. 04 million seasonally adjusted Annual rate August.
Sales of existing homes weakened by 15.3% of August from August of 2022. If you look at home closings in 2023 versus 2023 in metro Atlanta, they're down about 20%. So 15 per 15.3% is how far they're off nationally. The national median existing home price for all housing types reached 407,000 in August.
That's up 3. 9 percent from a year ago, so prices are continuing to rise, even though unit sales are falling. In the south, you had August of 2023, 366, 100 average sales price. This time last year, 354, 000, so prices are moving in the right direction, in the right direction. Regionally, all four regions showed price growth.
From a year ago in August, the Midwest had the most significant gain, which was 6. 8 percent followed by the Northeast at 5. 8%, which is great because they kind of lagged behind the rest of the United States in terms of price growth over the last few years. And the South increased 3. 2%. As I said, while the West region rose 1 percent and I know that's doesn't sound like a lot, but that's a big deal because they were having some real problems in California, right on that far West Coast, August inventory of unsold listings at the end of the month was down 0.
9 percent from last month, standing at 1. 1 million homes for sale compared with August of 2022 inventory levels were down 14. 1%, which kind of 15%. Yeah. It will take 3. 3 months to move the current inventory at basically the current sales paces, which is well below the desired pace of six months. I don't agree that the desired pace is six months.
Cause that means half of home sellers would wait 90 days or less to sell their home and half would make more. than 90 days to sell their home. And I don't think that's a very balanced, uh, thing. I don't think a seller would tell you that. It takes approximately 20 days for a home to go from listing to contract.
So, uh, in our area, we have 2. 5, 2. 6 months worth of inventory. We're taking closer to 30, 33 days nationally. It's 20 days a year ago. It only took 16 days from a year ago. All four regions had double digit declines in sales in August. The Northeast had the most significant dip of 22. 6%. Followed by the Midwest, which fell 16.
4%. The West decreased 15. 7 percent followed by the South, which was down 12. 4%. Compare the July, 2023 compared to July, 2023, two of the four regions showed declines in sales. Only the Midwest had an incline or an increase of 1%. The West region had the biggest drop in sales of 2. 6%, followed by the South with a dip of 1.
1%, and the Northeast region was flat from last month. In August, single family detached sales decreased 1. 4 percent in condominium sales. We're down 4. 8 percent compared to last month. Single family home sales were down 15. 3%, which we talked about while condominium sales fell 15. 4 percent compared to a year ago, the median sales price of single family homes rose 3.
7%, 413, 000. 500. If you want to see some of these charts and graphs, just go to our Facebook page, go to Facebook, type in Modern Traditions Realty Group, and you'll be able to see a video of me covering this information along with the actual charts that go with the article. Have you ever wondered how many millionaires or billionaires there are in Georgia?
I have, because I wouldn't mind being a billionaire. I don't know what, how you feel about it, but if I could figure out a way to have a billion dollars, I would love to have it. I said at the opening of the segment, I wonder if I made the list, and I'm going to tell you that you're going to be sad to know that I did not make the list.
My name was not even in any consideration for being on the list of the 10 richest people in the state of Georgia. I would love to win the lottery and become a billionaire, although more than likely I wouldn't, even if I won a billion dollar lottery, maybe I'd get 400 million dollars or something, but in order to do that, you actually got to buy a ticket, and I don't ever buy a ticket, and the last time I did buy tickets, I never even went back to look to see if I won anything, so who are the richest people in Georgia, and this is from a question in Submitted by Marlon in Peachtree Corners.
Here are the 10 richest. Forbes has put out its annual list of 400 richest people in the United States, and 10 Georgians made the list. Out of the 2, 668 billionaires worldwide, 18 are from Georgia. Jim Kennedy, who is the Chairman Emeritus of Cox Enterprise, was once the richest person in Georgia, but that changed in 2023.
He has a net worth of 6. 7 billion, making him the 156th richest American, according to Forbes. Topping the list in Georgia are the three members of the Cathy family. Bubby, Bubby, Bubba, excuse me Bubba, Dan and Trudy. They're all tied in the 76th spot with 9. 7 billion dollars each. These names probably sound very familiar, am I right?
Well, you've probably eaten at their restaurant, the franchise. called Chick fil a. Home Depot founders Bernard or Bernie Marcus and Arthur Blank are ranked 89 and 118 respectively with their 8. 3 billion for Bernie Marcus and 7. 4 billion for Arthur Blank. If you remember on last week's show, we had a representative on from Children's Miracle Network and Children's Health Care of Atlanta talking about that big beautiful Arthur M.
Blank Hospital. That was graciously made possible with a 200 million dollar donation as I understand it. Other Georgians making the list are Gary Rollins who is the CEO of Orkin's Parent Company. He's ranked 192 with a 5. 5 billion dollar net worth. John Brown, former chairman of Stryker Corp, is ranked 169th with 5.
7 billion in net worth. And then Dan Curzius, K U R Z I U S, I hope I didn't butcher that, and Ben Chestnut, who are founders of MailChimp. Come in at 227 with 4. 7 billion for Dan, and 249 with 4. 5 billion for Ben. Those are Georgia's richest people, and as I told you, as I suspected, I did not make the list.
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They can be reached by calling 7 7 0 4 9 7 1 8 8 0 want to sell your house for 28, 000 more than your neighbor sold his or her home for go to go get us radio. com G O G a D D I S radio. com click on sell for 28, 000 more. Put in just a little bit of information. You'll be on and off that page in 20 seconds, 30 seconds max.
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So for 28, 000 more, go to gogaddisradio. com, click on 28, 000 more. Also, mark your calendar, Saturday, November the 18th, from 10am to 3pm. You want to come see us at our modern... Traditions, Holiday Extravaganza. You can get your pictures made with Santa. You can pick up a free pie for Thanksgiving. Any type of pie that you want or uh, the pies that we have available.
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