Atlanta homes are selling for more, faster, as housing inventory rises, data shows

While the average rate for a 30-year mortgage remains above 7%, the metro Atlanta real estate market is seeing changes in both available inventory and sales prices.

According to data released by the Georgia Multiple Listings Service, metro Atlanta saw sales increase 9% compared to last April, and median prices overall increased 4.2%.

Zooming in on Atlanta’s top counties, which according to Georgia MLS are Cherokee, Clayton, Cobb, DeKalb, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Henry, Paulding and Rockdale, sales volume increased by 10%. .

As sales volumes rose into the millions, inventories also increased.

In major Atlanta counties, new listings for homes for sale increased by more than 35% and active listings increased by 46%.

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The larger Atlanta metro area saw new listings increase 33% and active listings increase 41.7%, according to GMLS data.

While more inventory means more opportunities for potential buyers, rising prices and mortgage rates mean higher costs overall, which impacts inflation.

The most recent Consumer Price Index report from the U.S. Bureau of Labor Statistics showed that the housing index was once again a significant factor in overall cost increases in the United States.

Mortgage rates are up for the fifth straight week and the home-buying season is still hot early in the quarter, according to an economist at Freddie Mac, the federally backed mortgage company.

“The 30-year fixed-rate mortgage rose for the fifth straight week as we enter the heart of the spring home-buying season,” said Sam Khater, Freddie Mac’s chief economist. “On average, more than a third of home sales for the entire year occur between March and June. With two months remaining in this historically busy period, potential buyers likely won’t see relief from rising rates anytime soon.

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Combined with gasoline, housing and fuel were responsible for “more than half of the monthly increase in the index for all items.”

“The housing index increased 5.7% over the last year, accounting for more than 60% of the total 12-month increase in all items,” not including food and energy , according to the BLS.

For Atlantans, that means higher rents and monthly payments on homes for new buyers.

Channel 2 Action News previously reported that monthly mortgage payments were higher than they had been in about four years in March. Compared to March 2020, Atlantans needed to earn more than 94% more per year to be able to afford a typical monthly mortgage, according to Zillow data.

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Compared to previous years, rental costs in metro Atlanta were also higher, with Apartment List reporting that prices were up 5.5% from the previous year.

By including gasoline while looking at inflation data, relief at the pump is also out of sight. The average gas price in Georgia as of Tuesday morning was $3.45 per gallon, according to AAA’s daily gas price tracker. In Fulton County, for example, gas prices were even higher, at $3.55 a gallon for regular unleaded gasoline.

Although there was a pause in fuel tax collection until November, moves to renew or extend the suspension, or more permanently reduce fuel taxes in Georgia, do not failed to find consensus in the Georgia General Assembly. As a result, Georgians have been paying gas taxes since late November, after lawmakers returned to the Capitol for a special session on redistricting.

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