The 30-year fixed-rate inched to 6.42%, which is still close to the lowest rate in a month, the group said. 

By unit, home sales fell 14.3% month over month and 40.2% year over year to 4,187 properties in November, while the median sales price of homes sold was $370,000, down 2.6% from October but up 4.2% from November 2021, Georgia MLS reported.

October’s 4.6% monthly drop follows a 10.2% decline in September, the National Association of REALTORS® reported. 

Housing prices were down in all 20 cities tracked by the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index.

The county stood head and shoulders above its neighbors in terms of Atlanta-area housing starts, closings and lot deliveries, with Cherokee County coming in a distant second in all three metrics.    

New-home sales rose 7.5% month over month, while the median price of a new house surged to $493,000 from $455,700 in September and $427,300 a year ago, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported.   

The pace of new single-family home sales, meanwhile, fell 6.1% from September to 598,000. 

The median existing-home price rose for the 128th month in a row, extending its record-breaking streak of increases. 

The number of homes under construction rose during the month, as homebuilders continued to work through a large backlog of homes. 

The largest single-week decline in conventional mortgage rates since July brought the first increase in home-loan applications since September, the Mortgage Bankers Association said. 

The number of homes sold in October fell 16.6% from September to 4,805 properties, which was 31.8% lower than the 7,041 homes sold a year earlier, Georgia MLS reported.   

Looking ahead, CoreLogic expects national year-over-year appreciation to slow to 3.9% by September 2023. 

September is the fourth month in a row to see declining sales activity. 

A 30-year fixed-rate mortgage rose to 7.08% this week from 6.94% a week ago, Freddie Mac reported. A year ago, the average mortgage carried a 3.14% rate. 

Mortgage rates continued to weigh on homebuyers in September, following a brief uptick in new-home sales in August.  

At the same time, mortgage applications declined 1.7% on a seasonally adjusted basis on a week-over-week basis, according to the Mortgage Bankers Association.