Trends
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A record number of homebuyers are relocating to more affordable areas as rising mortgage rates, high home prices, inflation and economic concerns are starting to make some areas of the country out of reach for buyers.
At the same time, the median existing-home price rose 13.4% year over year to $416,000.
Nationwide, sales hit their highest level of the year, rising 4.7% from June but falling 17.6% on a year-over-year basis, RE/MAX said.
July saw the NAHB/Wells Fargo Housing Market Index post its second-largest monthly drop ever, as worries about housing affordability dampened builder sentiment.
The number of homes sold dipped 1.5% compared to May, Georgia MLS reported.
Housing inventory was also falling in the most recent Housing Scorecard.
The number of homes available to buyers climbed 18.7% in June, the sharpest year-over-year increase in the history of the report.
The median home price in the Atlanta area jumped 19.4% year over year to $430,000 in May, despite a sharp rise in interest rates since the beginning of the year.
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The increase ends a six-month string of monthly declines, the National Association of REALTORS® said.
New-home inventory rose to 444,000 homes in May from 437,000 homes in April, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported.
Meanwhile, existing-home sales slid 3.4% from April to a seasonally adjusted annual rate of 5.41 million, according to the National Association of REALTORS®.
Atlanta topped the list with 1,628 iBuyer home sales in the first quarter, accounting for 6% of home sales in the market over that period.
Realtor.com’s updated 2022 forecast sees housing demand returning to pre-pandemic levels.
Home prices rose 3.9% month over month and 23.1% year over year to hit that milestone, RE/MAX said.
New-home completions rose during the month, however, with the increased inventory representing a rare bright spot in an otherwise gloomy government report.