The Number of Inventory Homes Continues to Shrink

More great news for the real estate industry! The number of newly built single-family homes on the market shrank to 297,000 units in April, thinning supplies to their lowest level since May 2001, according to government figures recently released. The report noted that the pace of new-home sales held virtually even with the previous month, at a seasonally adjusted annual rate of 352,000 units.

With the number of inventory homes continuing to shrink, now is a great time to buy. Once the inventory is absorbed, prices of Atlanta new homes will begin to rise. Taking into account the newly instated Georgia home buyer tax credit and first-time home buyer tax credit, you may never see a better time to buy a new home. Unlike the federal housing tax credit, the $1,800 tax credit for Georgia is not restricted to only first-time home buyers, meaning all home shoppers in Atlanta will receive a tax break.

You better go ahead and claim your new home in Atlanta while it’s still a buyer’s market. Many economists have predicted the housing market to bottom out this summer! This is what the National Association of Home Builders thinks:

“This continued reduction in the new-homes inventory helps bring supply in line with demand, which is an important step toward the market’s recovery. We can expect the pace of new home sales to bounce along the bottom a bit before picking back up towards the end of this quarter,” noted NAHB Chief Economist David Crowe.