Atlanta (suddenly) leads U.S. in growth of homes for sale

Sometimes all it takes to lead is for everyone else to be going backwards.

And so, the growth in metro Atlanta’s inventory – that is, the number of homes for sale – is the best in the nation for the past 12 months, even though most experts have continued to complain that there is a shortage of homes on the market, according to a report to be issued today by Zillow.

And in fact, Atlanta inventory did tick down 3.5 percent from December.

And okay, not every region saw a decline from last year. But Atlanta is one of only four metros to have positive inventory growth from January of last year to January of this year, the Seattle-based real estate research and listing firm concludes in the study to be released this morning.

The number of homes for sale in metro Atlanta grew 6.8 percent over the year, Zillow says.

Only Houston, Pittsburgh and Washington, D.C. had any inventory growth at all.

House on money

 

Moreover, despite a price increase of 6.6 percent over the year, the region’s affordability, which is often touted as one of Atlanta’s most winning attributes, also continues, according to Zillow: Metro Atlanta’s median price was the 25th highest in the country and was below the nation’s median, too.

However, experts have been warning for several years that the price of housing has risen too fast for many lower-income people and young adults who are still renters to enter the market as buyers. And low inventory is a major factor pushing prices up: it is the class economic formula of low supply and high demand.

So higher inventory is considered crucial to a healthier, more inclusive market.

Inventory in January – even after the year’s modest improvement – was a stunning 51 percent lower than when the market was just starting to emerge from its downturn in early 2011.

Later today, the much-watched Case-Shiller report, which focuses on price of resales, is to be released.

 

Reader Comments 0

3 comments
Du Kane
Du Kane

You are more right than you realize!!!

John Smith
John Smith

The home market crash is going to be alot nastier this time.

CharlesReed
CharlesReed

HUD for 7 years allows illegal foreclosure of our military veterans with Dept of VA loans, and black folks don't want to hear about this, they only want to hear what kind of dress Michelle Obama is wearing.


Funny thing with black folks is that in Georgia about 10,000 black families lost there homes that were financed by FHA loans where illegally foreclosed but as long as Obama was in the White House these families just did not matter. 200,000 blacks families and 200,000 Hispanic families forced from their homes while not being provided a HAMP, FHA HAMP or VA HAMP.

Part of the reason the 6:00pm news looks like New Jack City is because it is ghetto to have a leader of the country act as if he unaware of what federal agencies are not doing, all while blacks are making excuses for President Obama as janitor instead of the President!

Black sons are being murdered in the streets each day, while Obama offered not plan to stop the violence of the Hope & Chance crew that voted 98% for thee President who leaving in less than a year, but the Cuba visit and terrorist prisoner at Guantanamo Bay are on schedule but passed on Flint Michigan for Papillion Nebraska? Ain't no blacks or poison lead water in Papillion! What you do is more important than talking about it. 100% of the Flint children drinking at least a cup of lead water! What about of lead poison a child causing 20 lower IQ score for LIFE! Life's man of the year did not know that a complete city was drinking and bathing in lead contaminated water. No wonder 800,000 Ginnie Mae pooled loan did not receive a underwriting for the President's HAMP, FHA HAMP or VA HAMP modification program but instead foreclosed while President Obama singing Al Green and having Beyonce & John Legend give a 50th birthday party for Michelle!