What needs to happen for the housing market to start moving again?
In a recent interview with mortgage industry experts, it was stated that the housing market will start roaring again if we see one key metric move. According to the team at Business Insider and the experts they spoke with, if the national average for a 30-year, fixed rate mortgage can start moving toward 5.5% or 5%, we’ll see a flood of homes hit the market.
Currently, almost 70% of homeowners are locked into mortgage rates under 4%, making them hesitant to sell. If the current rates can cool off and head back towards 5%, existing homeowners will likely be a lot less reluctant to jump back into the market, according to the experts Business Insider spoke with.
What’s the latest on the Atlanta housing market?
The Atlanta Journal-Constitution recently did a deep dive into the housing market in the Atlanta metro area.
While the median home price in Georgia was $356,000 in May 2023 and the state saw a 19% surge in inventory, Atlanta’s housing market tells a different story. Median housing prices in the Atlanta metro area in May 2023 were $420,000. That’s above the $393,000 national average, but actually decreased month-over-month by 2.3%.
It’s clear that housing prices are off their peak, but the combination of elevated rates and slowly cooling home prices has made Atlanta a challenge for most prospective home buyers to get into. If you’re looking to buy in Georgia, you may want to look at areas outside of the Atlanta metro area or be ready to take on a larger expense if you have to buy in the city.
Which U.S. cities are currently the worst for renters?
The popular home rental blog, RentCafe, ranked 136 U.S. cities on metrics ranging from average apartment size to local job market to work out which areas are the toughest for renters. While New York was represented on the list by Brooklyn, Manhattan, and Queens, it isn’t the toughest area in the country for renters.
Detroit came in at first overall. Rent in Detroit is more affordable than other major metro areas, the survey highlighted a higher-than-average unemployment rate, lower average income, and limited job growth potential as the reasons for it getting the distinction as the toughest area for renters. Newark, New Jersey came in second place on the list followed by multiple boroughs of New York City.
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