Metro Atlanta housing market surges in Q3
IN THE RIGHT LOCATIONS WITH THE RIGHT PRODUCT AND PRICING THE SALES PACE CONTINUES TO RISE. MUSIC TO OUR EARS.
Atlanta’s new home starts spiked 76 percent annually and closings jumped 37 percent in the third quarter.
Metro Atlanta’s housing market performed quite nicely in the third quarter, according to national housing information and consulting firm Metrostudy.
Atlanta’s new home starts spiked 76 percent annually and closings jumped 37 percent.
Third-quarter quarterly starts surged 71 percent annually and rose 10 over the second quarter.
Quarterly new home closings increased 46 percent annually and jumped over Q2 closings by 19 percent.
A shift occurred in the Atlanta new home market in early 2013, with most homes that started out the construction process as a “spec” ending up “under contract” with a buyer well before the home was completed, Metrostudy noted.
Low availability of homes of any sort that are “for sale” is a key factor. The months supply for used homes now stands at around four months and for finished new homes it is 2.3 months — the lowest it’s been in well over a decade.
“My forecast is housing starts will increase in 2014, but metro Atlanta will continue to experience a shortage of homes,” said Eugene James, regional director for Metrostudy.
Source : Atlanta Business Chronicle