At the same time, the median existing-home price for all housing types slid 3.1% year over year to $396,100. 

Motivations for homeownership are varied across generations: Gen Z and Boomers made the decision for better living conditions, while Gen X and Millennials were in search of stability they couldn’t get while renting.

“Paint is a relatively affordable and easy change, yet it has an outsized impact on a buyer’s perception of the home,” said Amanda Pendleton, home trends expert at Zillow.

The larger-than-expected increase comes as homebuilder sentiment rose for the sixth month in a row. 

There are nearly 40% fewer homes for sale now than before the pandemic began

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. 

Homebuyer competition is driving up prices, as inventory constraints continue to plague the real estate market. 

Homes affordable to middle-income buyers — defined as households earning up to $75,000 — fall in the $256,000-to-$320,000 range. But of the over one million U.S. homes on the market at the end of April, less than a quarter fell within that price range.

Spring selling season returned in full force, as home sales bounced back following a slide in April, Georgia MLS reported. 

Atlanta’s listings grew 25.4% from last year.

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. 

The number of Atlanta sellers making concessions to buyers is up from 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.