After getting off to a slow start, Atlanta’s housing market in 2015 has been among the most positive in recent memory, and according to a new report from Atlanta Board of Realtors (ABR), the good news continued in July.
Here were the three most notable trends from the report:
1. Strong Sales Increases – Home sales in July were at an annual rate of 5,214, a strong 8.7 percent increase over July 2014. Although home sales did slip 7.7 percent from June to July, that was likely due to homebuying slowing down during the summer.
Ennis Antoine, ABR’s current president, said that mortgage rates and Atlanta’s strong economy have both contributed to the area’s housing market.
“Low rates continue to attract buyers, driving the market percentage closing increase year over year by 17.1 percent,” Antoine said. “The Atlanta job market remains strong and will continue to drive the demand for housing.”
2. Balancing Inventory – There were 16,709 units for sale in Atlanta in July, a 1.4 percent increase from July 2014. Even better were new listings, which totaled 5,584 and rose 15 percent monthly and 9.2 percent yearly. Inventory is still low at a 4.1-months supply, so there remains room for improvement.
3. Homes Prices Moderate – Finally, in the most promising trend of all in Atlanta housing, home prices continued to moderate in July, with median price rising 0.8 percent from June and 6.1 percent from July 2014 to $239,000. Average price, at $300,000, was down 1 percent monthly and up 4.2 percent yearly.
Those increases are not the spectacular double-digit jumps that Atlanta saw during the 2013 and 2014 markets, but they do represent a necessary moderation for the marketplace. Housing costs are a concern even in a real estate market as relatively affordable as Atlanta’s, and slower price growth will maintain that access for Atlanta homebuyers.