The Atlanta real estate market began to see a downturn beginning in the third quarter of 2006; and, it is apparent our market has yet to see the upswing most had thought would happen by now.
As we begin the third quarter of 2008, the Atlanta real estate market is still trending downward. Closings on single family homes in July was down over 34% from last year with a drop in average sales price of over 8% for this same time last year.
With such a significant drop in home pricing, the recent First Time Home Buyer's Tax Credit (Housing and Economic Recovery Act of 2008) approved last month by Congress, low interest rates and high inventory, this is THE time to buy!!!
The chart below depicts the activity in the Atlanta real estate market for the month of July compared to July 2007. And the graphs provide a comparison for the activity in the Atlanta real estate market for first six months of this year.
Information is believed accurate, but is not guaranteed.
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