By the Numbers
Active listings in the Atlanta area rose 19.9% compared to March, while the number of homes sold fell 6.1%, Georgia MLS reported.
Seventy percent of the 185 metros surveyed by the National Association of REALTORS® saw double-digit price gains in the first quarter, compared to 66% in the preceding period.
Days on market dropped to 41 from 51, while housing starts rose from 3,627 to 4,419.
Overall mortgage-application volume was at its lowest level since 2018, the Mortgage Bankers Association said.
Home prices nationwide continued to climb higher in February compared to 12 months ago, according to the S&P CoreLogic Case-Shiller Indices.
Low inventory and rising interest rates have reduced prospective homebuyer purchasing power.
New data indicates the Atlanta real estate market remains hot, despite worries about rising interest rates.
Rising interest rates and home prices have taken a toll on would-be homebuyers’ purchasing power, leading to increased inventory and another monthly slowdown in sales.
Single-family home starts declined compared to February, while new apartment construction was up, according to government statistics.
Builder sentiment has taken a hit from an unexpectedly sharp increase in mortgage rates and continued disruptions in the supply chain, according to the National Association of Home Builders’ monthly survey.