The real estate market continues to improve as prices increase both locally and nationwide. The market is in good shape for the prime selling season this spring, but there are a few concerns that may need to be addressed.
For 2015, the home prices in Atlanta increased by 5.5 percent, according to a report from the S&P/Case-Schiller U.S. National Home Price Index. This increase puts Atlanta ahead of the national average. The fall is regarded as a slow time in the real estate market, so it was not a surprise that prices hardly changed during this time in 2015. What do these changes in prices for Atlanta new homes mean though? As David Blitzer, chairman of the index committee at S&P Dow Jones, notes, “While home prices continue to rise, the pace is slowing a bit.”
The fall may be slow, but the spring is another story. Those in real estate have a few worries as this major selling season approaches. According to Seattle-based real estate research firm, Zillow, inventory is down as fewer homes are listed for sale. This will continue to drive demand and prices up. However, there are also more significant issues at play on a global scale, which may affect the homes here in Atlanta. “Global economic volatility is contributing to a strengthening U.S. dollar, which will impact demand from foreign buyers, and help keep mortgage interest rates low,” Svenja Gudell, the chief economist at Zillow said.
As the strength of the U.S. dollar increases, prices for homes nationwide will continue to rise. It appears this trend is set to continue for the near future. Atlanta is not going to be left behind and is right on pace with the other markets. This puts Atlanta in an excellent position to enjoy a successful spring season of sales.