Housing supply

Atlanta’s housing shortage is expected to continue for some time

The housing shortage is expected to worsen as buyer demand continues to outpace inventory levels, according to a new study.

As the spring home buying season begins, HouseCanary’s latest Market Pulse report compared data between March 2021 and March 2020 and found that the volume of new monthly listings nationally was down 11.5 % year over year. Last month, 284,298 new listings were placed on the market, a decrease of 0.9% from March 2020. Additionally, 348,422 listings were contracted across the country, an increase of 22.7% compared to March 2020.

Year-over-year new listing activity was down 24.3% for homes priced $200,000 and under. Homes between $200,000 and $400,000 were down 13.2%. New listings have increased for homes priced above $400,000. New listings of homes between $400,000 and $600,000 rose 15.1%, and homes priced between $600,000 and $1 million rose 47%.

Home price appreciation continues to accelerate as the continued shortage of supply pushes prices up, the report said. This shortage is expected to continue over the next few months. The median single-family home price for the week ending April 2 was $378,408, up 16.5% year-over-year. The median closing price was $367,242, up 22.4%. Additionally, the month-over-month median price for single-family listings increased 2.2% and median prices for closed listings increased 5.4%.

“As we enter spring home buying season, the market is experiencing extremely tight supply, compounded by an outsized level of demand that shows no signs of abating, said HouseCanary co-founder and CEO, Jeremy Sicklick, in a press release. “Bidding wars have erupted across the country, and homes at the higher end of the price spectrum are selling at significantly higher rates than they did a year ago. The extreme shortage of supply continues to put upward pressure on single-family home prices – a more favorable environment for sellers – and we expect this trend to continue over the coming months. mortgages could dampen future price growth as potential buyers continue to be pushed out of the market.

For the week ending April 2, new registrations in Georgia were down 33.4% from the week ending March 13, 2020, down 21.3% year over year and down 14.3% week over week.

Over the same period, homes remained on the market for 23 days, down 47.7% from the week ending March 13, 2020 and down 47.7% year over year. ‘other.

The report also found that the median new list price for a home in Georgia was $314,450, up 12.3% from the week ending March 13, 2020 ($279,900) and up 18.7% year over year ($265,000).

Additionally, there were 2,810 contract listings the week ending April 2, an increase of 1.9% over the week ending March 13, 2020 (2,757) and a rise of 26.5% from one year to the next (2,222).