The pace of new multifamily construction, however, jumped, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.  

Loganville’s ZIP code is among the hottest for real estate in the country, according to a recent analysis by Opendoor.

Housing inventory was up 30.5% year over year, while new listings were up 5.5%, according to the Atlanta REALTORS® Association. 

Inflation and high mortgage rates are impacting potential homebuyers which means fewer sales, more supply and a drop in home prices. 

A record number of homebuyers are relocating to more affordable areas as rising mortgage rates, high home prices, inflation and economic concerns are starting to make some areas of the country out of reach for buyers.

At the same time, the median existing-home price rose 13.4% year over year to $416,000. 

Nationwide, sales hit their highest level of the year, rising 4.7% from June but falling 17.6% on a year-over-year basis, RE/MAX said. 

July saw the NAHB/Wells Fargo Housing Market Index post its second-largest monthly drop ever, as worries about housing affordability dampened builder sentiment. 

High mortgage rates and increased prices are keeping homebuyers on the sidelines.

About 14.9% of home-purchase agreements nationwide fell through in June, the highest percentage in more than two years.

Today buyers are finding more inventory, slowing price growth, competition declines and dropping mortgage rates.

The number of homes sold dipped 1.5% compared to May, Georgia MLS reported. 

Housing inventory was also falling in the most recent Housing Scorecard.

The number of homes available to buyers climbed 18.7% in June, the sharpest year-over-year increase in the history of the report.

The median home price in the Atlanta area jumped 19.4% year over year to $430,000 in May, despite a sharp rise in interest rates since the beginning of the year. 

What does the latest S&P CoreLogic Case-Shiller Index reveal about Atlanta real estate?