By the Numbers

Demand for second homes more than doubles pre-pandemic numbers
Demand for second homes more than doubles pre-pandemic numbers

The number of buyers who locked in mortgage rates for second homes spiked to 178% year over year in April, according to a report from Redfin.

Home prices surge across the board in Q1, and Atlanta is no exception
Home prices surge across the board in Q1, and Atlanta is no exception

In Atlanta, the median sales price of a single-family home jumped 18.4% on a year-over-year basis to $279,300, the National Association Realtors said, citing its quarterly report. 

Employment growth misses estimates in April with 266k new jobs
Employment growth misses estimates in April with 266k new jobs

The employment numbers for March were revised down as well. The most recent data indicate a 770,000 increase in jobs for the month, compared to the previously reported increase of 916,000.

Lumber prices triple, raising home prices by $36,000
Lumber prices triple, raising home prices by $36,000

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.

Mortgage applications dip as rates increase in latest MBA survey
Mortgage applications dip as rates increase in latest MBA survey

“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.

New construction makes up 24% of Q1 residential sales in Atlanta
New construction makes up 24% of Q1 residential sales in Atlanta

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

NAHB: Single-family homes help boost total residential construction spending in March
NAHB: Single-family homes help boost total residential construction spending in March

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.  

GAMLS: Atlanta-area housing inventory rises in April
GAMLS: Atlanta-area housing inventory rises in April

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.

Home seller profits up nationwide as market shrugs off COVID impact
Home seller profits up nationwide as market shrugs off COVID impact

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. 

S&P CoreLogic Case-Shiller: Atlanta home-price gains accelerate
S&P CoreLogic Case-Shiller: Atlanta home-price gains accelerate

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.

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