Prices Continue to Rise Inventory Still Low

The big story is still lack of inventory … and that is driving prices gains for Sellers. 

• The available months of supply dropped to 4.7 months versus was 6.6 months in February. 6 months of supply is considered the bare minimum for ‘normal’ conditions.

• For the Greater Metro Atlanta area, listed inventory was up 7% from February and up 19% compared to March 2013. Still, the limited availability of quality properties has provided for a Seller’s Market.

• Closings for Metro Atlanta in January were up 18% over last month but down 12% vs previous year.

• Pending were up 42% from the previous month showing a surge in spring closings upcoming.

• The pace of short sales and foreclosures coming on the market has slowed considerably. In March, we only had 169 foreclosures and 188 bank-owned sales. New construction is roaring back.

• The Case-Shiller Index reports that Metro Atlanta home values have increased 37% from the bottom of March 2012. But values remain down 17% from the peak of July 2007.

• The trend for mortgage rates is that they seem to be stable or dropping. Conventional rates are still hovering below 5%

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