Inventory in Atlanta is up 3.8 percent from a year ago, but still at just a 3.8 month supply at the current sales place, according to the Atlanta Board of Realtors (ABR). A balanced market is a six month supply. Sales in April were up 8.6 percent from a year ago, and the median sale price of $229,000 was up 12.3 percent from 2014.
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"We have seen several consecutive months with positive year-over-year gains in median and average sales prices in metro Atlanta. 8 of the last 11 months have positive year-over-year gains in single family home sales as well," board President Ennis Antoine said in a release. "This strongly indicates that the selling season will continue to be very active. Labor and economic statistics continue to look positive, which will also largely impact the number of first-time home buyers and the ability of millennials to obtain the necessary financing to purchase a home."
Builders are also seeing opportunities, although they are still focused on the move-up buyer. Those buyers may be moving more quickly, trying to take advantage of still low mortgage rates.
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"We are seeing more residential builders taking full advantage of the market due to the lack of inventory," said Badon. "We are also seeing a lot of buyers scurrying to get into the game due to the impending threat of interest rates going back up."