Atlanta’s Housing Market Shows Evidence of Cooling Trend
Earlier this year a hot Atlanta housing market seemed to appear out of nowhere.
Even as recently as June’s Case-Shiller Atlanta Home Price Index, prices were up 4% from the previous month and a hefty 21% compared to a year ago.
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Experts say years of pent-up demand, shockingly low inventory, a stabilizing economy and historically-low interest rates all came together to quickly ignite Atlanta’s housing market.
“Recently, more inventory has come on the market, and things have cooled just a tad,” says James Marks, the Atlanta managing broker for Redfin.
According to the company’s analysis, that cooling is largely due to recent spikes in mortgage rates coupled with steep increases home prices.
The combination is making some buyers pause.
Marks says just a few months ago, local agents refereed bidding wars on a daily basis. That’s happening less frequently now.
“Even though it has cooled off a little bit, the fact of the matter is if there’s a house that’s priced right in a good area – and in move-in ready condition — it attracts a lot of attention.”
Redfin says we’re not easing back into a housing slump. Instead, the market is simply beginning to return to normal.
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