Housing markets across the country saw new listings growth in June, as the median list price hit yet another all-time high, and Atlanta was no exception. 

Strong growth of single-family construction spending drove the increase, while spending on multifamily construction was flat, the National Association of Home Builders said.

The median age of construction workers is 41, the same as a typical worker in the national labor force, according to the National Association of Home Builders’ analysis of the most recent 2019 American Community Survey data.

“May’s strong increase in transactions — following April’s decline, as well as a sudden erosion in home affordability — was indeed a surprise. The housing market is attracting buyers due to the decline in mortgage rates, which fell below 3%, and from an uptick in listings.” — NAR chief economist Lawrence Yun

In Atlanta, the index rose 1.7% month over month and 12.3% year over year. The monthly increase was slightly down from the 1.8% rise recorded in March.

The seasonally adjusted estimate of new houses for sale at the end of May was 330,000, representing a supply of 5.1 months at the current sales rate, the U.S. Census Bureau and the Department of Housing and Urban Development reported. 

TerraCap Management LLC acquired the property, 23 Thirty Cobb Apartments, in August 2018.

The median existing-home price for all housing types rose to $350,300 in May, marking another new record. 

Market competition has eased up recently, but seven in 10 buyers still face bidding wars, according to a new report from Redfin.

The property, The Life at West Cobb Apartments, is located at 2665 Favor Road and is a 90% low-income-housing tax-credit community.

On a year-over-year basis, new-home mortgage applications were down 5.9% in May, the Mortgage Bankers Association reported, citing its Builder Application Survey.

Inventory levels rebounded last month, finally showing signs of recovery following a year of historical declines.

The typical increase in home sales as summer approaches failed to materialize nationwide last month, with average sales dropping 0.2% from April to May, but month-over-month sales in Atlanta dipped even further, declining 0.8%, according to the RE/MAX May National Housing Report.

Single-family housing starts were up 4.2% from April and 49.8% from May 2020, at 1,098,000, according to the U.S. Census Bureau and Department of Housing and Urban Development.

While pending sales are up 29% year over year, they are starting to slow and have fallen 9.7% from their peak.

Increasing costs and the declining availability of key building materials dampened builder sentiment, as higher costs have pushed some new homes beyond the budget of prospective buyers.