Month after month we are continuing to get good news on the major housing market indicators. In the past 2 months we have seen mortgage delinquencies fall to their lowest levels since 2008, foreclosure rates are also at five-year lows and foreclosure starts are at an eight-year low. These trends seem to be a sign that the tighter lending standards, that have been enforced since the housing bust, are working.
With these good stories, we are also looking at a depleted inventory in the Metro Atlanta area. While this low inventory has caused the volume of home sales to slip in recent months, it has continued to push home values higher. In September our home sales were down 2.2% in terms of volume, but the median sales price was up almost 29%!
And this isn’t just a seller’s market by any stretch, it is also a buyers market as the Atlanta Metro is THE MOST AFFORDABLE metro area for housing based on affordability data released this month by the National Association of REALTORS.
We are having trouble finding homes for our buyers! Homes are going under contract very quickly and are closing at very high rates because of the increased restrictions on mortgage lending.
Whether you are interested in buying or selling, we are here to help! Contact us today and put our knowledge and experience to work for you!