In the first half of 2023, the housing market in the United States witnessed a significant downturn in turnover. Redfin reports that only 14 out of every 1,000 U.S. homes changed hands, a drastic decline from 19 out of every 1,000 during the same period in 2019. The drop is even more pronounced for large suburban houses. Let's dive into[...]
Redfin recently revealed startling findings about the U.S. housing market. To afford the typical starter home, a first-time buyer must earn $64,500 per year. This figure is up 13% from last year due to rising mortgage rates and home prices. The income needed to afford a starter home has risen over 20% in Fort Lauderdale, FL, and Miami -- more[...]
The U.S. housing market has witnessed a surge in luxury homes. According to a new report by Redfin, just over 8% of U.S. homes are valued at $1 million or more, approaching June 2022's record high of 8.6%. In Atlanta, MarketNsight data shows the same thing, with new and resale closings of homes more than $500,000 making up the bulk[...]
MarketNsight, a leading real estate data and analysis provider, reports that June’s collapse in housing inventory ushered in 2023’s first significant price increase. In late June, total inventory turned negative year over year for the first time in 13 months. Two weeks later, the effect of this drop in inventory was reflected in prices. Prices in July 2023 were up 6%[...]
Georgia is on everyone's mind! The Peach State is packing a punch, taking a leap to the 4th spot in CNBC's Top States for Business 2023 ranking, up six positions from last year. This juicy slice of news, no doubt, has Georgia’s business community thinking positively peachy thoughts about the future. So, how did the rankings pan out? North Carolina clinched[...]
MarketNsight Reports on First Half of 2023 This week, MarketNsight, a leading real estate data and analysis provider, revealed housing data through the end of June 2023. Of note, year-to-year housing inventory has collapsed since January and was negative in June for the first time in 13 months. Months of supply (MOS) at the end of June 2023 was 1.8. According to[...]
MarketNsight Offers Housing Forecast at MarketWatch Atlanta MarketNsight, a leading provider of real estate data and analysis, recently hosted its biannual MarketWatch Atlanta event via Zoom, releasing data on the state of the Atlanta new home industry. According to John Hunt, Principal and Chief Analyst at MarketNsight, the housing shortage in Atlanta (especially related to entry-level housing) and elsewhere throughout the[...]
St. Bourke, a leading real estate development firm, provides an in-depth analysis of Atlanta's housing market for the first quarter of the year. Despite various challenges, the data reveals a remarkably resilient and robust market, with many key metrics performing above pre-pandemic levels. This is a testament to the enduring demand for housing in the Atlanta area. St. Bourke’s Director of[...]
Contrary to many recent headlines, the housing market remains active and dynamic, according to new data from MarketNsight. Despite a perceptible decrease in demand, the industry research leader reports that home sales continue at a robust 80% of last year's pace, with buyers signing contracts, even with interest rates exceeding 6%. “Increases in the market share of new homes continue to[...]
Despite recent alarming events and headlines, builder sentiment is rising, home prices have not collapsed, the job market remains strong, and the Fed has slowed its pace on rate hikes. What will the rest of 2023 and 2024 hold? Find out at MarketWatch Atlanta hosted by MarketNsight on Thursday, June 8, 2023. John Hunt with MarketNsight and Dr. Rajeev Dhawan[...]