Author: Michelle Hunt

Homebuyers have had relatively few options in many markets, but that might be changing.

Even as domestic migration cools, international migration is driving demand, and with it, there is pressure on land prices, baseline costs, and housing attainability.

Recent layoffs, closures and halted projects portend weakness in job growth.

At the recent Northeast Florida Builders Association’s trade show on Feb. 6, John Hunt, MarketNsight’s Chief Analyst addressed Jacksonville, Florida’s housing deficit stating, “Homebuilders and local governments need to change if they want to make a dent in Jacksonville’s housing shortage.”

John Hunt, chief analyst and principal of MarketNsight, says current mortgage rates at around 6.5 percent are keeping home sales below pre-pandemic levels, despite a chance that rates will climb next year.

The conclusion of another U.S. presidential election looks to have increased economic confidence among some Atlanta-area homebuyers.

In a mid-October update, MarketNsight had already seen indications that pending sales began to turn a corner prior to the election.

“The missing 20% will not come back as long as rates remain above 6%,” said John Hunt, Principal and Chief Analyst at MarketNsight.

MarketNsight, a leading real estate data and analysis provider, presented its state-of-the-market report and 2024 analysis at MarketWatch last week.

The metro housing market remains a tough one for many would-be buyers. Here’s why.

Without lower mortgage rates, the old ‘normal’ may be out of reach, expert says

Current zoning is stuck in place from 20 to 30 years ago.

Homebuyers have had relatively few options in many markets, and here’s why.

Housing supply has seen some improvement since last year, but it’s still an upward battle.

MarketNsight, a leading real estate data and analysis provider, reports that home prices continue to increase due to heavily constrained inventory for new and resale homes.

Panelists for the North Fulton Improvement Network’s housing summit Feb. 20 made one thing clear, many people cannot afford to buy a home in the region.

As you know, housing is a hot topic nationally, but what does it mean for us, here in North Fulton?

Georgia MLS: Average sales price of a home in metro Atlanta is up 6.6 % in a year, now topping $402,000

MarketNsight, a leading real estate data and analysis provider, reports that home prices continue to increase due to heavily constrained inventory for new and resale homes.

There remains a large gap between the number new homes constructed in the region and the pace of demand, which drives up real estate values and hence tax bills…

With the high cost of homeownership, elevated interest rates, and limited housing inventory, the build-to-rent sector remains an option for for small- and mid-sized builders.

Smaller homes can help meet large pent-up demand among millennial and retiring boomer buyer cohorts and make homeownership more attainable.

“Most cities are around 50-60% of the inventory they had prior to the pandemic,” says John Hunt

Effort to regulate Wall Street owners of single-family homes may face long odds in Atlanta and Washington.

“If we use 2002 as a baseline… and calculate a 4.6 percent annual price appreciation—which has been standard over the past three decades—then we see that prices are right where they should be,” says Hunt.

Not enough sellers and too little building mix with higher interest rates to keep homeownership out of reach for many

“Nationwide job growth of nearly 3 million jobs in 2023 underscores the urgent need for increased housing supply to accommodate new workforce entrants, whether they rent or buy,” said John Hunt.

As the weather grew colder in October, the metro Atlanta housing market also settled into a deeper chill.

MarketNsight, a leading real estate data and analysis provider, reports that even after six weeks in a row with 30-year fixed mortgage rates higher than 7%, pending sales are performing better than in the fall of 2022.

The “collapse” of housing inventory in June has led to the first significant increase in home prices this year, MarketNsight reported.

Interest rates rose to 7.18% in the second week of September 2023

“Comparing today’s numbers to 2019 is the most useful for benchmarking purposes since nothing has been ‘normal’ since that year. The latest numbers are no exception,” says John Hunt

Total inventory turned negative year over year for the first time in 13 months in late June, and two weeks later, this drop in supply showed up in prices, which rose 6% year over year in July.

According to John Hunt, Principal and Chief Analyst at MarketNsight, inventory reached a significant inflection point in June 2023, signaling lower inventory levels in the future.

In a market that desperately needs entry-level homes, increasingly Atlanta homebuyers find the door to homeownership closed.

Housing inventory in the U.S. has “collapsed” since January and turned negative on a year-over-year basis for the first time in 13 months in June, real estate data provider MarketNsight reported.

Atlanta needs entry-level housing, yet roadblocks stand in the way.

Contrary to many recent headlines, the housing market remains active and dynamic, according to new data from MarketNsight.

“The two largest population cohorts looking to buy homes are increasingly shut out of the metro Atlanta market, according to one of the region’s leading experts on housing.”

“Land is running low for new housing in Brookhaven. As jobs pour into the suburb, workers may have a tough time finding a place to live.”

John Hunt from MarketNSight gives us an update on the upcoming Housing Markets in Georgia.

“Nearly a third of all houses sold in metro Atlanta last month were new construction, according to MarketNsight, triple the rate of a year ago, as higher interest rates lock would-be sellers of older houses in place.”

“‘The housing shortage will get worse over the next year,” MarketNsight Chief Analyst John Hunt said at MarketWatch Atlanta. To get back to normal, Atlanta needs…'”

“MarketNsight, a leading provider of real estate data and analysis, announces that new home market share in March 2023 was up 89% year over year.”

“The housing market may be turning a corner even as builders continue to contend with high construction costs and building material supply chain logjams, according to…”

“The two largest generations in U.S. history drive the housing market — the Millennials and Baby Boomers. Millennials are driving the demand for rental and starter homes as they form families and establish themselves in their careers, while Baby Boomers…”

“The Federal Reserve’s determination to cut inflation can only end later this year with job losses and an economic slowdown…”

“Mortgage rates climbed in late February and the impact on the market was immediate, said MarketNsight’s Hunt. ‘It hit 6.5% in the third week of February and we saw that it had a…'”

“As high-tech manufacturing plants — many in the electric vehicle and battery sectors — are lured to Georgia, affordable housing for workers is emerging as a key challenge.”

“‘Our prediction? We will see demand rise moderately into the spring selling season, and months of supply will not go above three in the third and fourth quarter of 2023,’ said Hunt.”

“The real estate market is expected to remain strong in the greater Greenville area in 2023 even as higher borrowing costs and government regulation slow new housing starts, analysts said …”

“Many first-time homebuyers might presume they’re better off going used rather than new—in other words, purchasing a pre-existing property rather than pricey new construction.”

“A look back at the housing shortage in the last year, and hopefully how to fix it in the next.”

“As Georgia heads into the New Year, the state is venturing into some economic uncertainty. Companies continue to struggle finding workers …”

“Millennials have dominated the pack for the number of home purchases in recent years, but now their younger cohort – Gen Z – is growing its footprint.”

“Homes below $300,000 are almost nonexistent. “The housing shortage will get worse over the next year,” MarketNsight Chief Analyst John Hunt said at MarketWatch Atlanta.”

“Home prices and sales declined again in metro Atlanta in November compared to the month before, as the Federal Reserve’s inflation fighting efforts continue to put a fall frost on the housing market.”

MarketNsight’s John Hunt was honored to be the first presenter in front of the Georgia House of Representatives Study Committee on Regulation, Affordability & Access to Housing.

“ATLANTA – Georgia’s housing supply – especially affordable housing – is far too low to meet the demand, a group of housing experts told state lawmakers this week.”

“The metro Atlanta housing market took a hit late in mid-August as mortgage rates rose, chasing some wannabe buyers back to the sidelines and adding to reasons for longtime homeowners to stay put…”

“Brookhaven is exploring whether a regulation on new residential projects could spur construction of smaller and less expensive homes.”

“Aiming to keep up with constantly increasing client demands and requests, Atlanta-based MarketNsight continues to expand its markets… with recent additions in Texas, South Carolina and Georgia.”

“Sellers still have the upper hand in the metro Atlanta housing market, thanks to the mismatch between scarce supply and a surplus of wannabe buyers.”

“This is not as bad as you would think it would be given all of the negative news and increasing rates,” he tells GlobeSt.com. “We still have a lack of inventory crisis in this country of epic proportions.”

Some metro leaders are pushing for developers to think small. A tiny home project coming to Fulton County is set to help people in the most vulnerable populations.

Keeping with its trend to be ahead of the curve and set accurate benchmarks that are used nationally, MarketNsight released May numbers for Atlanta and the Southeast at MarketWatch Atlanta.

Single-family construction in large metro urban areas fell while multifamily construction there spiked, according to the National Association of Home Builders (NAHB) Home Building Geography Index…

Atlanta-based asset management and property development company, St. Bourke is focused on helping to solve the massive undersupply in lots nationwide and doing it with a strong focus on placemaking.

In 2018, MarketNsight was one of the first in the nation to sound the alarm on the effects of rising interest rates on housing; rates increased from 4% in January to 4.8% by October of that year.

It’s a white hot real estate market right now in Spartanburg County, which is good news for sellers and bad news for buyers, local agents say.

While it’s true that industry has been affected by by the COVID-19 Pandemic , none have been quite as impacted as the housing industry.

The nation faces a record-breaking housing shortage, and Atlanta is no exception, with surging interest in homeownership coupling with short supply to create rapid run-ups in prices.

“Greenville County would have to add 16,000 new homes to its housing market in a single year in order to fill the inventory deficit it’s currently experiencing.”

“After years of struggling to shake off the recession, residential home prices in Clayton County are rebounding”

“What should be happening is baby boomers should be adding to inventory by selling, but there’s nowhere for them to move,”

“Home price appreciation will moderate to 8 – 10% in 2022 and return to a more normal 4 to 5% as we head into 2023”

“The relatively new concept of building homes from the ground up with the intention of renting them is a small but fast-growing trend, said John Hunt, a market analyst and founder of MarketNSight.”

“To live in a home that meets new density preferences in the fast-growing area surrounding Lake Murray in Lexington County, buyers can expect to pay …”

“Will the housing market improve in 2022? The 2021 housing market was a double-edged sword for home shoppers. Low rates and increased flexibility with working from home put many first-time buyers … “

“2021 Home Builders Association of South Carolina State Convention”

“World-renowned economist and Principal at MarketNsight, John Hunt, returns to Caine Live to present a 2021 economic forecast and trends.”

“Recent data show metro Atlanta’s median home sell price has remained $345,000 as of August. So how much house can you get at that price?”

“According to MarketNsight Principal John Hunt, July trends continued as resale pending sales were up in the last week of August more than 40% over the same period in 2019 …”

“As of May 2021, the inventory deficit in Atlanta is around 45,000 units .”

“After a year of pandemic-fueled surges, the metro Atlanta housing market clicked into balance in July: Supply met demand and home prices stopped their rapid rise. At least temporarily.”

“New homes in Dallas-Fort Worth are selling at their fastest pace ever recorded, while pre-owned home sales plummet, according to two new reports.”

“Is the housing boom over? First, according to MarketNsight Principal John Hunt, the national media is always AT LEAST a month behind in its reporting”

“Lumber is just one of several categories that make up construction materials in new homes.”

“Metro Atlanta home prices jumped in May, continuing a year-long surge that has sharply lifted prices from the market’s brief freeze during the first weeks of the pandemic.”

“A year of pandemic, a year of rising home prices. The coronavirus shut down vast swaths of the economy, eliminated tens of millions of jobs and kept many families virtually locked in place.”

“Charleston County is working on significant changes to land-use regulations aimed at encouraging more affordable housing…”

“Low wages and high housing costs were a drag on South Carolina’s economy even before the pandemic caused massive job losses …”

“As we enter Year Two of the coronavirus pandemic, home buyers seeking more space or a sanctuary of their own are struggling to find properties for sale.”

“MarketNsight numbers for 2020 and 2021 to-date show homebuyers are not fleeing southern cities for suburbs, and all areas are selling more homes today.”

“New housing design preferences in Chicago and across the nation are shifting as a result of the COVID-19 pandemic.”

“World-renowned economist and Principal at MarketNsight, John Hunt, returns to Caine Live to present a 2021 economic forecast and trends.”

“Watch the Video Replay”

“A sea change in the residential housing market toward significantly smaller lot sizes”

“MarketNsight recently released the final 2020 numbers for Atlanta housing in addition to making 2021 predictions.”

“For more than a decade, a developer in Dunwoody was making big plans for a hotel across the street from Perimeter Mall.”

“Defying national trends and despite deep economic disruptions last spring wrought by the coronavirus, the Greenville are is thriving with housing sales bursting”

“Pending new home sales in Atlanta will end the year up 20% and new home permits up 6%, according to MarketNsight’s biannual MarketWatch Atlanta report.”

“For eight years after the Great Recession, home prices in metro Atlanta climbed steadily but slowly.”

“MarketNsight recently hosted its bi-annual December MarketWatch Atlanta event virtually, releasing November numbers for the Southeast, offering predictions for 2021 and giving a state of the market. “

“MarketNsight reports 2020 Atlanta new pending home sales are up 19%over 2019 sales through August of this year.”

“Unlike during the last recession when housing was hit hard, demand for new homes in metro Atlanta has trended upward since late April.”

“MarketNsight reports August Atlanta pending sales are up 46% over 2019 sales for week one and, so far, week two looks to be up 50% over last year.”

“Atlanta new home pending sales are up 15% year over year according to data from John Hunt at MarketNsight.”

“MarketNsight reports June new Atlanta pending home sales continue to exceed 2019 sales, even as COVID-19 (coronavirus) Georgia cases continue to increase.”

“MarketNsight recently hosted its June MarketWatch Atlanta event virtually on ZOOM giving a state of the market and predictions for the remainder of the year.”

“We recently asked for more of your questions about the Upstate real estate market as we continue to see the effects of the COVID-19 crisis in our community. “

“No sign yet intown falling out of favor amid social distancing.”

“Despite shut-downs, city sees year-over-year growth in pending sales in first half of 2020.”

“Georgians are buying houses despite the COVID-19-induced recession, according to data from MarketNsight.”

“As businesses temporarily shut down and joblessness climbed to Depression-era levels, home sales in the metro area plunged last month, according to a report from the Atlanta Realtors Association. “

“Atlanta’s exceptional home sales numbers prior to widespread stay-at-home orders in March helped protect the city’s market against the post-COVID-19 downturn, according to a report by MarketNsight “

“MarketNsight offers a state of the Atlanta new home market as we enter unprecedented times due to the COVID-19 (coronavirus) outbreak.”

“Active adult communities continue to be some of the top selling communities in the country and here in Atlanta,” Hunt said.”

“Job growth in metro Atlanta will slow this year, especially among companies that rely on international business, according to a report from the Georgia State Economic Forecasting Center.”

“Atlanta home prices have been rising for seven years – and lower mortgage rates could fuel a new run-up.”

“MarketNsight recently projected that May new construction pending sales would be up 12% from 2018 closings. Opportunely, once all of the data was in, May new pending sales were up a whopping 28% year-over-year!”

“Still, the sales pace is half what it was before the housing crash.”

“As MarketNsight President John Hunt explains, “high demand for walkability and the need for more affordable options are leading many cities and developers to think outside our current housing box.””

“The pace of sales in the metro Atlanta housing market slowed last month, despite a spring surge in the number of homes listed for sale…”

“It’s not a gimmick, but a gamble on economics and demography. Maybe it’s the future of affordable home ownership in Atlanta.”

“Job growth in metro Atlanta will slow this year, especially among companies that rely on international business”

“Those in the building industry are familiar with the term VDL, or vacant developed lots, which refers to the plethora of foreclosed developed lots that were available at the start of the downturn in 2008.”

“Shifting economies, demographics, and land shortages are issues altering how we live and what buyers are looking for in a home. “

“Take a drive around Greenville and you’ll see single-family homes and large apartment buildings.”

“Year-to-year new home growth has dropped from 15% in 2016 to 8% in 2017, and to our projected 3-5% in 2018. We see the same moderation in growth across all of our 18 southeastern markets and in the top 10 u.s. new home markets.”

“Earlier this month, I attended the Greenville County Housing Forum on “Missing Middle Housing” and I just wanted to share an idea that I heard during a presentation by John Hunt from MarketNsight:  tiny condos.”

“Nearly 200 attendees gathered at the Kroc Center on Friday October 19 for a Greenville County Housing Forum”

“MarketNsight, an Atlanta-based consultant to home builders, has added Jacksonville, Florida to the growing list of Southeast cities that it serves.”

“Housing economy expert John Hunt of MarketNsight and ViaSearch has identified an interesting trend in residential housing contracts across 11 Southeast markets.”