By the Numbers
The county far outpaced its neighbors in terms of housing starts, closings and lot deliveries in the first quarter, according to a new report from asset manager and developer St. Bourke.
Nevertheless, home prices are expected to continue rising through the end of the year, according to the National Association of REALTORS®.
The record-high price for Atlanta real estate was set in April, as home sales fell 13.8% from a year ago.
The rate of new single-family home sales fell 16.6% from March’s revised number, while the median sales price jumped to $450,600 from March’s revised median house price of $435,000.
The inventory of unsold homes increased in April, while the median existing-home sales price rose, according to the National Association of REALTORS®.
“Builders are responding to higher mortgage rates and are chasing rising rents, with fewer homebuyers and more renters being forced to renew their leases.” — NAR Chief Economist Lawrence Yun
The release of the monthly survey from the National Association of Home Builders comes as the Biden Administration unveiled a housing-supply action plan that aims to boost the supply of affordable apartments and new homes.
The data illustrates the struggle for first-time homebuyers trying to get a foot in the housing door in the country’s largest markets.
Despite a slow start to the spring homebuying season, prospective buyers are showing some resiliency in the face of higher mortgage rates, as seen by two weeks in a row of increasing loan applications.
Active listings in the Atlanta area rose 19.9% compared to March, while the number of homes sold fell 6.1%, Georgia MLS reported.