The First Multiple Listing Service and experts reported the following:
1) There were very mixed results in May for the Atlanta housing market. On the front end, closings were up, but on the back end, fewer homes accepted a contract.
2) Sales of all single family properties in May 2010 were up 10.5% compared to May of 2009. Sales in 2010 have steadily outpaced 1st quarter 2009 sales.
3) 4,101 single family detached homes sold in May 2010 which was an increase of 8.3% over the same period last year.
4) The average sales price in May 2010 was $210,279. Sales prices have also steadily outpaced those of 1st quarter 2009. This is 7.2% higher than May 2009.
5) The number of homes for sale has been decreasing; the level is moving into the normal range.
6) In May, the average days on market for all single family properties was 89.6. It's been 2 years since the average days on market was below 90.
7) The majority of Metro Atlanta is no longer being considered a declining market in the eyes of appraisers. As a result, more contracts are going to the closing table at the originally negotiated purchase price.
8) After reviewing all of the above trends, one would think we are definitely on a housing rebound. However, the April 30th expiration of the stimulus package caused a dip in new contracts. The same dip was experienced last fall when the initial stimulus package expired.
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