New-Home Sales Not So August
Mortgage Rate increases over the last few months has played a role in our home sales pace. It is important to keep our pulse on this data moving forward as we strategically position our neighborhoods and make the proper assumptions in our absorptions.
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Metro Atlanta home prices rose in August, but sales declined, according to a monthly report from the Atlanta Board of Realtors.
Metro Atlanta home prices rose in August, but sales declined, according to a monthly report from the Atlanta Board of Realtors.
Year-over-year, single-family home sales here decreased 5.7 percent to 4,320. The median sales price spiked 48.5 percent to $148,500.
“As inventory remains at historical lows, it is not surprising to see the dip in month-to-month and year-over-year sales,” said ABR President Nancy See, in a statement. “Prices have declined somewhat due to the fact that when mortgage interest rates ticked up slightly, fewer buyers were able to qualify for a loan. Therefore, the demand softened slightly and the lower prices reflect this.”
The report tracks Cherokee, Clayton, Cobb, DeKalb, Douglas, Forsyth, Fulton, Gwinnett, Fayette, Henry and Paulding counties.
Source: Bloomberg – Atlanta Business Chronicle