The housing market made some economic gains in the month of June. The National Association of Realtors reported that existing home sales which are completed transactions that include single family homes, townhomes, condominiums and co-ops increased 1.1% to a seasonally adjusted annual rate of 5.57 million in June. Sales are now up 3% from Jun 2015 and remain at their highest annual pace since February 2007.
Total housing inventory decreased by .9% in June and is 5.8% lower than a year ago. The June unsold inventory represents a 4.6 month supply which is considered a seller’s market as 48% of homes sold in June were on the market for less than a month. The June median sales price of $247,000 was 4.8% above the same month a year ago and represents the 52nd consecutive month of year-over-year increases.
The National Association of Home Builders reported single-family housing starts increased over a downwardly revised May reading. The June rate marks a 13% gain in the pace of single-family construction on a year-over-year basis.
Epic Development is currently building in Grant Park, Northwest Atlanta (Riverside), Old Fourth Ward, Reynoldstown and Sandy Springs. For more information, visit http://www.epicdevelopment.com/available-homes/ or contact Scott Eaves at (404) 518-3820.