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Income levels and mortgage rates gave homebuyers in June 129% more house-buying power than they had in 2006, according to First American Financial Corp.’s June Real House Price Index.
Both existing-home sales and housing inventory fell during August in Atlanta. But housing starts are up.
The median price of a home in Georgia dipped slightly in August but was up more than 18% from a year ago, according to a new report from Georgia MLS.
Atlanta homebuyers should brace themselves amid expectations the residential real estate market could see double digit growth next year.
Also during the month, the median sales price rose to $390,500 from $370,200 in June, according to the U.S. Census Bureau and the Department of Housing and Urban Development.
“Much of the home-sales growth is still occurring in the upper-end markets, while the mid- to lower-tier areas aren’t seeing as much growth because there are still too few starter-homes available.” — NAR chief economist Lawrence Yun
You might be surprised by the results of this survey.
“The bright spot in an otherwise underwhelming report comes from the increase in the overall number of permits issued, which can signal how much home construction is in the pipeline.” — First American deputy chief economist Odeta Kushi
Smaller, more affordable homes are hitting the market, helping moderate median list prices, according to Realtor.com.
The median sales price of homes sold in the Atlanta metro area surged by 22.5% on a year-over-year basis in July to $349,000, according to statistics from the Georgia MLS.