By The Numbers
Atlanta’s supply of homes for sale in March was 7,426 units, representing a 55.8% drop from a year earlier.
Since 2016, millenials have comprised the largest share of home-purchase mortgage applications, rising even higher in 2020, when they made up more than half of overall applications, according to a recent CoreLogic report.
Nationally, home sales were brisk, with an average of 38 days on market, just two more than the record 36 days set in November 2020.
Privately owned housing starts jumped 19.4% from February’s revised estimate to a seasonally adjusted annual rate of 1,739,000, according to the U.S. Census Bureau and the Department of Housing and Urban Development
The National Association of Homebuilders expects continued growth in single-family construction through the rest of 2021, although at a slower pace than that of 2020.
Forty-three percent of respondents to the first-quarter Zillow Home Price Expectations survey expect inventory to improve in the second half of the year, followed by 26% who expect it in the first half of 2022.
The housing supply shortage is expected to get more extreme as homebuyer demand continues to outweigh inventory levels, a new study found.
At the same time, sales activity continues to be strong, with volume rising 33.5% year over year in March.
Year over year, however, rents rose, the online listing agent reported.
Home prices posted monthly and yearly gains in January across the U.S. as well, according to the S&P CoreLogic Case-Shiller Indices.