Current Market Data
For the first time since early March, no new records were set for median-home-sale prices last month, ending the five-month streak of record-breaking home prices.
Just 56.6% of homes sold during the quarter were affordable to families earning the U.S. median income of $79,900, according to the National Association of Homebuilders/Wells Fargo Housing Opportunity Index.
Meanwhile, housing starts rose to 3,485 from 2,397 a year earlier, according to Atlanta Agent’s July Housing Scorecard.
Affordability declined in 49 of the 50 major markets according to the May 2021 First American Real House Price Index.
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.