Whether it be sales, prices or inventory, Atlanta housing market news is very positive
After beginning 2015 on unsteady footing, the Metro Atlanta housing market has grown stronger with each subsequent month, and according to the latest report from the Atlanta Board of Realtors (ABR), June was not only Atlanta’s housing best month this year, but one of its best months since 2011.
Here are the three most positive trends right now in Atlanta’s housing market:
1. Super Positive Home Sales – In June, residential sales for Metro Atlanta rose 17.1 percent monthly (the best monthly increase since 2011) and 9.5 percent yearly to 5,492. According to additional research by Beacham & Co. Realtors, the total dollar volume for sales rose 241 percent to $1.72 billion, while sales of luxury properties (priced $2 million or more) doubled from last year to 16.
Ennis Antoine, ABR’s president, emphasized Metro Atlanta’s strong economy in his comments.
“83,200 jobs were created in the Atlanta area over the past year and June residential sales were a great indicator of the improving economy,” he said.
2. Housing Inventory Balancing – Metro Atlanta’s housing inventory has been historically low for some time, but based on the latest numbers, the market may be turning a corner. In June, there were 16,680 homes for sale. That’s a 4.1-months supply and a 3 percent increase year-over-year. Also, Beacham & Co.’s research noted that in March there was a late winter surge in inventory of 12.9 percent, which may have led to Atlanta’s strong summer market.
One disappointing area was new listings, which fell 8 percent year-over-year and 10 percent monthly to 4,859.
3. Moderating Home Prices – Perhaps the most encouraging trend is home prices. In June, median sales price was $238,000, a 3.9 percent increase from last year and a 0.8 percent decline from May. Average sales price, meanwhile, was $304,000, a 6.3 percent year-over-year increase and a 2.0 percent monthly increase. Although those increases are not as robust as past months, they represent a necessary moderation for Atlanta’s market. Inequality is one of the biggest challenges housing faces, and slower price growth will maintain Atlanta’s relative accessibility for homebuyers.