ATLANTA — After months of record high prices, the Atlanta Metro housing market is finally starting to cool.
The median city price for July was $422,500, up almost 16% from the same period last year but down 2% from last month.
Reasons for this change include higher mortgage rates and inflation, according to First Multiple Listing Service data.
The service said the housing market tends to decline in the summer as people go on vacation.
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Multiple existential and empirical factors influenced the market in July, according to Keller Williams broker Rob Smith.
In mid-July, the US Federal Reserve (Fed) signaled that it would raise its benchmark interest rate by 0.75% for the second straight month.
“For about three weeks in a row, [buyers] I woke up with a five-gallon bucket of ice water thrown in my face,” Smith said.
These factors, combined with the fact that many would-be buyers are being discounted by high prices and rising mortgage rates, drove home sales down 31% for the year last month.
Metro Atlanta home inventory reached its highest level since September 2020, up 34% year-over-year. July marked his fourth straight month of inventory increases on an annual basis, nearly breaking his third straight year of decline.
After nearly two years of July supply of homes for sale in the metropolitan area, it is still well below what real estate experts consider a typical seller’s market in the four to six months. I’m here.
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