Total housing inventory rose 45.9% from December 2021 to 10,547 units, while new listings fell 26% to 3,845. 

House prices, however, continued to rise, marking the 130th consecutive month for price gains, the longest streak on record, the National Association of REALTORS® said.   

The U-Haul Growth Index showed Georgia was a net importer of residents based on the number of one-way truck rentals to and from the state. 

The increase in builder confidence breaks a string of 12 straight monthly declines in the NAHB/Wells Fargo Housing Market Index. 

The firm said 147,881 multifamily units are in some stage of the development process in the greater Atlanta market. 

The median sales price of homes sold was $370,000, up 2.8% from December 2021 but down 1.1% from November, according to the latest Georgia MLS Housing Market Snapshot. 

Geographically, the largest home-price increases took place in the Southeast, led by Florida (18%), South Carolina (13.9%) and Georgia (13.6%), CoreLogic reported, citing its November Home Price Insights report.    

Regionally, the pending-sales index fell 7.9% month over month in the Northeast, 6.6% in the Midwest, 2.3% in the South and 0.9% in the West. 

At the same time, the median sales price of a new house slid to $471,200 from $484,700 in October and $430,300 a year earlier, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported. 

The month-over-month decline in sales came as prices rose for the 129th consecutive month, the National Association of REALTORS® said. 

New-home permits fell 11.2% month over month, while housing completions jumped 10.8% in what one observer said could have “worrisome” long-term consequences for the nation’s housing supply. 

The 30-year fixed-rate inched to 6.42%, which is still close to the lowest rate in a month, the group said. 

By unit, home sales fell 14.3% month over month and 40.2% year over year to 4,187 properties in November, while the median sales price of homes sold was $370,000, down 2.6% from October but up 4.2% from November 2021, Georgia MLS reported.

October’s 4.6% monthly drop follows a 10.2% decline in September, the National Association of REALTORS® reported. 

Housing prices were down in all 20 cities tracked by the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index.

The county stood head and shoulders above its neighbors in terms of Atlanta-area housing starts, closings and lot deliveries, with Cherokee County coming in a distant second in all three metrics.