Atlanta started to see a decline in sales volume and units in June, 2007. And, to date, our market has still not recovered. Year over year decline in closings is over 30% from last year.
OVERALL ATLANTA MARKET RECAP
- Market has experienced declines for the past 18 months in a row.
- An average of 7 percent of all outstanding listings are selling each month.
- Past 3 (three) months show slight increases of home values. A possible indicator Atlanta home values may be stabilizing.
- New home construction is down over 80 percent
- Mortgage rates projected to decline slightly over the rest of the year with a gradual increase over time.
- Months supply of inventory for single family detached homes (resale) stands at 13.2
- Months supply of inventory for condos (resale) stands at 13.6
A LOOK BACK OVER SEPTEMBER, 2008
Economic conditions will obviously play a big part in the housing recovery for all markets: Oil prices have dropped considerably, we should start seeing improvement in the credit markets; and, although Atlanta has always provided affordable housing compared to many other parts of the country, it is without question, home prices are even more affordable now than they have been in years.
Articles of Interest:
Data is believed accurate at time of recording, but not guaranteed.