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. 

Mid-week price cuts offer the most bargains in today’s market.

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. 

Atlanta, Phoenix, Tampa and Miami saw double-digit consumer price index percentage growth year over year.

It’s not the only metric decelerating in today’s market. Inflation is also starting to slow which is helping bring down mortgage rates.

From dropping home prices, increased inventory and homes staying on the market longer, today’s buyers should look at the upside to what the market means for their prospects.

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.   

Homebuyer demand is starting to stabilize as October home sales posted the largest decline since 2015, according to a new report.

The 44th edition of the in-depth forecast report examined 80 cities to determine trends in the real estate industry for 2023.

The median age of inventory in Atlanta is 49 days, down from 64 before the pandemic began.

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.