Mortgage applications fell more than 13% in the most-recent week tracked by the Mortgage Bankers Association’s Market Composite Index, while interest rates continued to rise. 

Would-be homebuyers who have been struggling to purchase a home in Atlanta’s hyper-competitive market are not likely to find much relief any time soon, according to a roundtable discussion of housing experts.

“Production disruptions are so severe that many builders are waiting months to receive cabinets, garage doors, countertops and appliances.” — NAHB Chairman Jerry Konter 

The sales pace of existing homes surged 6.7% in January after falling in December, as buyers got off the fence and went shopping ahead of rising interest rates, the National Association of Realtors reported.

Single-family housing starts fell 5.6% from December’s revised estimate to 1,116,000, while multifamily starts slid 2.1% to 510,000, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development said.

The average contract interest rate for 30-year fixed-rate mortgages backed by the Federal Housing Administration increased to 3.93% from 3.86%, the Mortgage Bankers Association said. 

Across the country, 10% of ZIP codes with the largest share of children had an average home value growth of 21.3% from October 2020 to October 2021.

Atlanta’s Midtown Alliance said there were 5,172 residential units concurrently delivered or under construction in 2021, a new record. 

Home-price growth could slow by the end of 2022, despite the housing market breaking records in January.

Days on market for homes sold in Atlanta fell to 52 from 64 a year earlier.

Home-price growth is expected to average about 5% this year, far below the record-breaking pace set in 2021, RCLCO reported. 

Sales volume by dollar amount fell precipitously, declining 37.4% from $2.59 billion worth of transactions in December to $1.62 billion in January, Georgia MLS reported, citing its monthly Housing Market Snapshot.

Builders started to make headway against supply-chain issues that have hampered construction of homes in the face of high demand. 

Atlanta’s housing inventory fell 22.3% year over year in December to a record low of a one-month supply, Atlanta REALTORS® Association reported.

New homes and existing homes are appreciating at similar rates, according to a new report from CoreLogic.

“December saw sales retreat, but the pull back was more a sign of supply constraints than an indication of a weakened demand for housing.” — NAR chief economist Lawrence Yun