Just like last year at this time, prospective home buyers should expect a competitive housing market for the next several months. With payrolls trending upward and unemployment trending downward month after month in an extensive string of positive economic news, demand remains quite strong.
Given the fact that gradually rising mortgage rates often infuse urgency to get into a new home before it costs more later, buyers need to remain watchful of new listings their agents are sending, do their in person property visits as soon as possible, get accurate data on each homes value and market trends (many agents use inappropriate comps), and then prepare to make their offers quickly once the right home is found.
Prices continued to gain traction and outpace 2017 figures. The Median Sales Price increased 9.7 percent to $282,000. The average sales price was $344,000, up 7.5% from the previous year. Sellers were pleased as Months’ Supply of Inventory increased to 2.7 months – numbers that indicate we’re in a Strong Sellers’ Market.
Although home sales may actually drop in year-over-year comparisons over the next few months, that has more to do with low inventory than a lack of buyer interest.
Atlanta REALTORS® President Bill Murray sums it up well: “The economy is very healthy and job growth is holding strong, keeping the demand for homes robust. However, the Atlanta market needs more new and existing homes available for sale to allow home prices to moderate enough for potential home owners to continue to have choices available.” Amen!
- Home Price Deceleration Doesn’t Mean Home Price Depreciation - June 16, 2022
- Are There More Homes Coming to the Market? - May 13, 2022
- Where Are Mortgage Rates Headed? - April 17, 2022
