A shortage of existing inventory continues to drive buyers to new construction. 

At the same time, days on market slid to 11 days from 18 a year ago, indicating “homes are selling even faster than before,” the group’s president said. 

Multiple-offer situations have returned with the spring buying season while distressed and forced sales are “virtually nonexistent,” the National Association of REALTORS® said.

Single-family permits also posted a gain, indicating even more new homes are headed to today’s supply-constrained housing market. 

Homebuilder optimism was buoyed by continued shortages of new housing inventory, the National Association of Home Builders reported. 

A recent Rentcafe study used MLS data from 200 U.S. cities to determine which city offers the most square footage for $1,500 per month. 

Interest rates on mortgages of all types declined last week, spurring an uptick in borrowing, the Mortgage Bankers Association reported. 

New listings of homes fell 8.7% compared to March and were down 18.4% versus April 2022, Georgia MLS said. 

Days on market increased, while housing starts decreased, according to the May edition of the Atlanta Housing Scorecard.

High demand drove multiple offers on about a third of pending sales, while 28% of homes sold above list price, the National Association of REALTORS® reported. 

At the same time, home sales dropped 26% year over year in Atlanta, and the median sales price rose 0.5%.     

Both Atlanta and the state of Georgia saw healthy annual increases in new residential permits last year, defying a broader nationwide contraction. 

U.S. government data shows builders increased the pace of single-family home construction while slowing the pace of multifamily starts. 

Data provider MarketNsight said the year-over-year increase stemmed from higher interest rates that have kept existing homeowners from selling. 

The National Association of Home Builders/Wells Fargo Housing Market Index rose for the fourth month in a row in April as the construction industry remained “cautiously optimistic.”     

At the same time, new listings surged, and the median sales price was flat