With the increased number of professionals working remotely, today’s homebuyers are putting less of a premium on commute time and more on affordability.

The nationwide housing inventory shortage that has driven growth in prices and demand in Atlanta and other major markets may be beginning to ease, according to RE/MAX’s  National Housing Report for June.

More jobs and other factors are driving population and rental prices through the roof.

The U.S. Census Bureau and the Department of Housing and Urban Development reported that the median sales price slid to $361,800 from $380,700 in May.

At the same time, the median existing-home price for all housing types in May was up 23.4% on an annual basis, as every region in the country registered price increases.

Meanwhile, the seasonally adjusted purchase index declined 6% from the previous week, the Mortgage Bankers Association reported.

Privately owned housing units authorized by building permits in June came in at a seasonally adjusted annual rate of
1,598,000, down 5.1 % from the revised May rate of 1,683,000, but 23.3% above the year-ago rate of 1,296,000.

July’s reading of 80 was down one point from June, but still signaled strong demand for housing, the National Association of Home Builders said.

During the four-week period ended July 11, the average weekly share of homes for sale with a price drop passed 4% for the first time since September 2020.

Meanwhile, the Mortgage Bankers Association’s seasonally adjusted purchase index rose 8% from the previous week.

Adjectives reflecting the desire for privacy and physical isolation gained a place of prominence: “private,” “covered,” “quiet,” “separate” and “enclosed” were among the top 100 most-used description terms.

The competitive homebuying market showed signs of loosening up last month as bidding wars dropped from May despite being higher than they were a year ago. 

It could take Atlanta-area renters more than seven years to save for a down payment in today’s market.

Rents in Atlanta jumped 13.2% year over year in May.

Sales volume rose 10.8% month over month to $3.46 billion, while the number of units sold rose 8.2% over the same period, to 8,230.

Millennials were once referred to as the “renter generation” because of their preference for apartment living in urban areas over purchasing a home in the suburbs like their Baby Boomer parents.