Lumber prices have tripled over the past 12 months, driving up the price of the average new single-family home by $35,872. NAHB hopes to alleviate the situation by meeting with the White House, lawmakers and others.

Atlanta has been ranked as the fifth moving destination by Penske Truck Rental in its 11th annual Top Moving Destinations list.

The luxury multifamily development is the residential component of the Marketplace at Terrell Mill mixed-use project, which is situated near I-75 and Truist Park.

“This is a sign that the competitive purchase market, driven by low housing inventory and high demand, is pushing prices higher and weighing down on activity.” — Mortgage Bankers Association Associate Vice President of Economic and Industry Forecasting Joel Kan.

Low mortgage rates and low inventory levels are making the demand for homebuilding more attractive to buyers in Atlanta.

Transcendent Electra, a partnership between Transcendent Investment Management and Electra America, has $496 million of properties in contract process and closing and another $1 billion in the pipeline. 

The NAHB attributed the monthly increase in its construction spending index to single-family construction and single-family improvements, both of which rose by 2% on a monthly basis. Multifamily construction, meanwhile, declined 0.3% after falling 0.9% in February.  

Georgia MLS’s monthly survey of the 12-county metro area also found that sales volume was strong, up 44.2% year-over-year to $2.64 billion.

In 40% of metro areas analyzed, first-quarter home prices hit new peaks or tied previous ones, according to ATTOM Data Solutions’ first-quarter 2021 U.S. Home Sales Report. 

Homes stayed on the market for 18 days less than they did last year, at an average of 31 days.

Nationwide, the seasonally adjusted housing index rose 1.1% month over month in February and 12% year over year, up from monthly and yearly increases of 0.8% and 11.2% in January, respectively.

The boost in inventory shows signs of seasonal norms as supply starts to catch up with demand.

The median sales price fell in March to $330,800 from $345,900 in February and rose relative to March 2020, when the median price was $328,200.

As the economy slowly recovers from the early days of the pandemic, the share of loans in forbearance dropped for the seventh consecutive week, signifying a 40-basis-point decrease in the last two weeks.

Rent rates nationwide have been decreasing since the onset of the pandemic, but new data shows that in some cities, this could be changing in the near future.

Inventory of existing and new single-family homes for sale is at its lowest since 1982, according to recent data from the National Association of Realtors.