Once the school year ends, most homes go on the market and most people want to buy. Meanwhile, the Fed continues to press the pause button on interest rates.
According to Georgia real estate brokerage firm Harry Norman Realtors, the number of homes sold in April increased 35% compared to the same period last year.
“We are definitely seeing an increase in inventory,” added Harry Norman CEO and President Jenny Bonura, who believes Atlanta is returning to some level of normalcy following the COVID-19 pandemic. .
“That's a good thing in that there is certainly demand and it far exceeds supply,” Bonura said.
This month, the Federal Reserve announced that it would not raise interest rates. Bonura said there has been more activity this year than last year.
“It's been a very strange situation the last few years, so it's nice to be able to say there's actually a spring market,” the real estate CEO said. “You know, there's no real trajectory or clarity in the market. It's kind of piecemeal.”
Real estate experts expect interest rates to fall further by the end of the year. According to financial firm Freddie Mac, the average interest rate on a 30-year fixed-rate mortgage was 7.02% as of May 16th.
Erin Yabrody, a real estate agent with Harry Norman, said some developers are considering converting vacant offices in Atlanta into apartments.
“In downtown Atlanta, we're looking at converting a lot of offices into affordable residential apartments and condos,” Yabrudi said.
