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.

With affordability reduced, some buyers are pulling back from the market forcing sellers to adjust their price expectations.

The county far outpaced its neighbors in terms of housing starts, closings and lot deliveries in the first quarter, according to a new report from asset manager and developer St. Bourke. 

Nevertheless, home prices are expected to continue rising through the end of the year, according to the National Association of REALTORS®. 

The record-high price for Atlanta real estate was set in April, as home sales fell 13.8% from a year ago. 

Atlanta was No. 4 for electric vehicles and No. 9 for vegan options, but its scores in the other categories brought down its overall ranking.

The rate of new single-family home sales fell 16.6% from March’s revised number, while the median sales price jumped to $450,600 from March’s revised median house price of $435,000. 

The inventory of unsold homes increased in April, while the median existing-home sales price rose, according to the National Association of REALTORS®.

“Builders are responding to higher mortgage rates and are chasing rising rents, with fewer homebuyers and more renters being forced to renew their leases.” — NAR Chief Economist Lawrence Yun