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.

At the same time, the inventory of new homes for sale rose 10.7%, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported.

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.