During the end of May (Labor Day weekend) in Metro Atlanta we saw the number of pending home sales and median asking price begin to decline. This is the first time we’ve seen any kind of drop in market activity since the pandemic occurred and the housing market surged.
To keep the market in context though, our numbers are still record-breaking this year. Inventory in Metro Atlanta is still almost 40% less of what it was last year, and prices are up almost 30% from last year. I don’t think this kind of growth is sustainable; it is actually good for the health of the economy for the market to slow down. (Source: Atlanta Realtor Association June Numbers
I don’t feel like this is a sign of there being a crash or a bubble bursting, but perhaps a slight correction. It’s important to note that in the summers historically the market is a bit slower as well. I look at this time as a great time for buyers who have been waiting for competition to ease up to purchase, while taking advantage of great rates. It’s extremely difficult to guess what the future looks like, I don’t recommend anyone trying to time the market either.