In the second quarter, Gwinnett County was once again head and shoulders above its neighbors in terms of housing starts, closings and lot deliveries, according to a new report. 

Buyers who are still in the game are finally getting a break from bidding wars

The online real estate platform Opendoor noted the Dekalb County city’s small-town feel and plentiful outdoor spaces in explaining its selection. 

The modest 1% decline could indicate the current housing cycle is reaching a bottom as mortgage rates recede from their recent high, the National Association of REALTORS® said. 

The median price of a new home sold during the month was up 5.9%, however, according to figures from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. 

Nationally, the median sales price slid 2.9% from June but rose 8.1% from July 2021, while closed transactions were down 16.6% on a monthly basis and 26.3% on a yearly one, RE/MAX said in its National Housing Report.

A recent decline in mortgage rates could return some purchasing power to buyers going forward, National Association of REALTORS® chief economist Lawrence Yun said. 

The pace of housing starts for both single-family and multifamily residences was down on a month over month basis, the U.S. Department of Housing and Urban Development reported. 

In Atlanta, 41.6% of offers faced competition last month.

The NAHB/Wells Fargo Housing Market Index fell for the eighth straight month in August, as the key measure of builder confidence indicated a pessimistic outlook. 

Homebuyers may catch a break this month as rates have come down nearly a point from the recent high on fears of a recession.

The national rental vacancy rate dropped to 5.6% in the second quarter of the year while the homeowner vacancy rate remained at 0.8%.

Other market metrics, including sales volume, units sold and new listings also declined on a month-over-month basis. 

Home prices were up 18.3% on a year-over-year basis and 0.6% month over month. Looking ahead, CoreLogic expects year-over-year appreciation to slow to 4.3% by June 2023. 

“Contract signings to buy a home will keep tumbling down as long as mortgage rates keep climbing, as has happened this year to date.” — National Association of Realtors chief economist Lawrence Yun  

“Housing data for May 2022 continued strong, as price gains decelerated slightly from very high levels,” Craig Lazzara, managing director at S&P DJI, said.