Metro Atlanta
or metro Atlanta June is traditionally the peak month for housing inventory. The housing market is seasonal with most homes going on the market in the spring and summer when the highest number of home buyers are searching for real estate. However, inventory levels were higher for every other month this year, so far, with June numbers down to levels not seen since January 2005.
North Fulton
Residential detached (single family) home inventory for North Fulton is down 14% over June 2010 and Residential attached (townhomes and condos) are down 20.7%. So, for all residential home inventory in North Fulton that puts us down 15.4% YoY. This is nearly double the decline in inventory nationally, which is at 8.5% for June YoY.
Changes in inventory lead prices
Lower inventory will ease the downward pressure on housing prices. With some zip codes seeing modest price increases, 30004 being one , we will have to watch through the rest of this year to see if that trend broadens.
Very interesting. Along these lines, I saw this article today, which harkened me back to an urban vs. suburban debate that occurred on this blog several months back. Check it out :
http://www.msnbc.msn.com/id/43848700/ns/business-forbescom/
In particular, you’re sure to like this quote :
“Over the next ten years, the number of millennials entering their mid-30s will expand by over 40 million — a population larger than those of elderly residents who will be old enough to give up their homes. This large group is also most likely to continue moving to the lower-density, more affordable South and West. These areas already boast disproportionate percentages of millennials, Hais and Winograd report.”
Barry, do you think that it’s possible the report reflected flight from cities to suburbs becasue it was based on the last census, which takes place every 10 years and over the past 10 years the rise in home prices forced or drew people to the suburbs where you could get more for your money? I think it’s possible we may see those younger buyers head into or back into the cities where once astronomical prices have come down tremendously. In some cases prices have dropped more than in the suburbs. I’m not positive but numbers based on the census, I think, may be more indicitive of the past than the future.