Builders started to make headway against supply-chain issues that have hampered construction of homes in the face of high demand. 

Atlanta’s housing inventory fell 22.3% year over year in December to a record low of a one-month supply, Atlanta REALTORS® Association reported.

Rising prices and rates are driving up mortgage payments which are pushing up demand for rentals.

New homes and existing homes are appreciating at similar rates, according to a new report from CoreLogic.

Rent growth also slowed in December, posting the lowest monthly increase since February 2020.

“December saw sales retreat, but the pull back was more a sign of supply constraints than an indication of a weakened demand for housing.” — NAR chief economist Lawrence Yun

While multifamily starts surged 13.7% compared to November, the pace of new single-family housing construction slid 2.3%, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.

December housing sales fell lower than they have since the start of the pandemic, a new Redfin report found.

“While lean existing home inventory and solid buyer demand are supporting the need for new construction, the combination of ongoing increases for building materials, worsening skilled labor shortages and higher mortgage rates point to declines for housing affordability in 2022.” — NAHB Chairman Chuck Fowke

Decatur and the city of Atlanta saw the greatest monthly declines in the median rent for a one-bedroom apartment in December, while Smyrna and Alpharetta had the greatest increases, online listing agent Zumper reported.