By the Numbers
Demand for newly built homes has remained strong as high interest rates keep many would-be sellers of existing homes off the market.
At the same time, the median existing-home price for all housing types slid 3.1% year over year to $396,100.
The larger-than-expected increase comes as homebuilder sentiment rose for the sixth month in a row.
At the end of 2022, Atlanta had 1,834 build-to-rent units in operation, a 380% increase from the 382 available five years earlier, RentCafe said.
Spring selling season returned in full force, as home sales bounced back following a slide in April, Georgia MLS reported.
A second consecutive month of increases in the S&P CoreLogic Case-Shiller U.S. National Home Price Index could indicate a reversal of the negative trend that began last year.
Despite solid demand, a dearth of homes for sale kept transaction numbers muted in the association’s most recent report on pending sales.
A shortage of existing inventory continues to drive buyers to new construction.
At the same time, days on market slid to 11 days from 18 a year ago, indicating “homes are selling even faster than before,” the group’s president said.
Multiple-offer situations have returned with the spring buying season while distressed and forced sales are “virtually nonexistent,” the National Association of REALTORS® said.
Single-family permits also posted a gain, indicating even more new homes are headed to today’s supply-constrained housing market.
Homebuilder optimism was buoyed by continued shortages of new housing inventory, the National Association of Home Builders reported.
A recent Rentcafe study used MLS data from 200 U.S. cities to determine which city offers the most square footage for $1,500 per month.
Interest rates on mortgages of all types declined last week, spurring an uptick in borrowing, the Mortgage Bankers Association reported.
New listings of homes fell 8.7% compared to March and were down 18.4% versus April 2022, Georgia MLS said.
Days on market increased, while housing starts decreased, according to the May edition of the Atlanta Housing Scorecard.