Current Market Data
The median existing-home price for all housing types rose to $350,300 in May, marking another new record.
Market competition has eased up recently, but seven in 10 buyers still face bidding wars, according to a new report from Redfin.
The property, The Life at West Cobb Apartments, is located at 2665 Favor Road and is a 90% low-income-housing tax-credit community.
On a year-over-year basis, new-home mortgage applications were down 5.9% in May, the Mortgage Bankers Association reported, citing its Builder Application Survey.
Inventory levels rebounded last month, finally showing signs of recovery following a year of historical declines.
The typical increase in home sales as summer approaches failed to materialize nationwide last month, with average sales dropping 0.2% from April to May, but month-over-month sales in Atlanta dipped even further, declining 0.8%, according to the RE/MAX May National Housing Report.
Single-family housing starts were up 4.2% from April and 49.8% from May 2020, at 1,098,000, according to the U.S. Census Bureau and Department of Housing and Urban Development.
While pending sales are up 29% year over year, they are starting to slow and have fallen 9.7% from their peak.
Increasing costs and the declining availability of key building materials dampened builder sentiment, as higher costs have pushed some new homes beyond the budget of prospective buyers.
The rise in equity could help stave off foreclosures because homeowners can tap into that equity and sell their home, unlike during the 2008 financial crisis when many homeowners found themselves underwater in their mortgage, according to CoreLogic.