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?

The increase ends a six-month string of monthly declines, the National Association of REALTORS® said.

New-home inventory rose to 444,000 homes in May from 437,000 homes in April, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported.  

Meanwhile, existing-home sales slid 3.4% from April to a seasonally adjusted annual rate of 5.41 million, according to the National Association of REALTORS®. 

Atlanta topped the list with 1,628 iBuyer home sales in the first quarter, accounting for 6% of home sales in the market over that period.

Realtor.com’s updated 2022 forecast sees housing demand returning to pre-pandemic levels.

Home prices rose 3.9% month over month and 23.1% year over year to hit that milestone, RE/MAX said.

New-home completions rose during the month, however, with the increased inventory representing a rare bright spot in an otherwise gloomy government report. 

Mortgage lending took a nose dive across the U.S. in the first quarter of 2022.

Redfin economists say they expect the cooldown in budgets to lead to a cooldown in price growth over the next few months. 

Worsening affordability challenges are affecting first-time homebuyers

The median sales price of an Atlanta home was up 20.6% from a year earlier, at $409,400, Georgia MLS reported. 

The shift comes at a great cost as rising mortgage rates continue to keep buyers out of the market.

Home sales and days on the market in Atlanta both declined.

Nationally, the index posted its highest annual increase ever.